Hits&Misses

It’s going to be raining 5G, Shoprite interim dividends fall

SA’S data-only network operator Rain, partly owned by businessmen Patrice Motsepe, Paul Harris and Michael Jordaan, has partnered with China’s Huawei to roll out the high-speed 5G network by mid-2019. The roll-out will make SA one of the first countries to launch 5G, which promises faster download speeds, reliable network connectivity and the ability to connect more devices at once.

SA is close to signing an interim trade agreement with Britain that would replicate arrangements with Europe and ensure trade will not be disrupted in the event of a hard Brexit, trade minister Rob Davies said.

PRESIDENT Cyril Ramaphosa has established a special tribunal to fast-track the finalisation of more than R7bn in civil claims linked to corrupt or irregular state contracts, and ensure looted taxpayers’ money is returned to the state. The tribunal will start once the rules of court are published. SHOPRITE shareholders have had their interim dividend cut 24% as the chain battles with losses from outside SA and shrinking profit in its home market. Its rest-ofAfrica division fell into a trading loss of R62m, from a profit of R553m in the first half of its 2018 financial year, mainly due to hyperinflation in Angola. Trading profit from its South African stores fell 15% to R2.8bn.

AUSTRALIA has claimed another South African scalp with Wilson Bayly Holmes-Ovcon seeing a dramatic plunge in its interim profit because it incorrectly priced a roads upgrade project in Melbourne. Its total comprehensive income fell 60% to R119.5m compared with the interim 2017 period’s R299.5m.

Ahigh wage bill and low productivity at South32’s Hillside aluminium smelter have led the diversified miner to start a retrenchment process which could affect up to 500 jobs.