Good morning. Today we’re covering the recall of Purity baby powder, which saw R1.9 billion wiped off Tiger Brands market value, diesel did not decrease as much as petrol this week raising red flags, and Apple released its latest line-up of iPhones.
Baby powder recall the latest slip-up for Tiger Brands – Business Day (for subscribers)
Tiger Brands saw R1.9 billion in market value wiped from the company yesterday as traders began selling-off shares in the packaged goods company after it recalled Purity Essentials baby powder that may have been contaminated by traces of toxic asbestos.
The recall is the latest product safety concern for the company and yet another heavy blow to the brand as the company is still embroiled in a lawsuit related to a listeria outbreak from its meat-processing plant. Read more here.
Major red flag for diesel prices in South Africa – Business Tech
This week motorists received a major reprieve when the petrol price dropped by R2.04 a litre but if you have a vehicle that takes diesel, the price drop was not as significant with analysts raising ‘red flags’ about a possible diesel price increase in the next few months.
The diesel price dropped between 46 and 56 cents per litre but the department of energy said demand for diesel would tighten globally as the Northern Hemisphere starts to shift away from gas heating, increasing demand for middle distillates like diesel. Read more here.
Apple keeps prices steady as it unveils iPhone 14 series – Tech Central
When Apple releases its new slate of products annually, it’s one of the most anticipated events on the tech calendar. On Wednesday, the tech giant released its new slate of iPhones while it also introduced a new line of smartwatches and earphones.
The new iPhone 14 models are “capable of using satellites to send emergency messages and an adventure-focused Ultra Watch for sports like diving and triathlons,” reports Tech Central. Read more here.
Here’s what else we’re reading today:
R2.18 fuel levy that consumers pay not equal to benefits, says RAF – EWN
SA at risk of being grey-listed by Financial Action Task Force: BASA – SABC News
New plan will help Prasa spend billions better, Mbalula tells Parliament – Fin24
Parliament’s Finance Committee hears banks closed accounts of people based on colour of their skin – SABC News
Judge lays into Elon Musk over handling of texts in Twitter trial – MyBroadband
Meet the 60 black-founded start-ups now funded by Google – Ventureburn
Russia’s banks have started lending out yuan and transferring China’s currency outside SWIFT system – Business Insider
Image Credit: Gallo Images / Netwerk24 /Felix Dlangamandla
