Cape Town —  

Board Agrees to Sell Twitter to Elon Musk 

It is the biggest social media acquisition, surpassing the U.S.$26.2 billion buyout of Linkedin by Microsoft. Twitter has agreed to sell to South African-born Elon Musk, the world's richest man, for U.S.$44 billion. According to reports, the transaction - which has been unanimously approved by the Twitter board - is expected to close in 2022, subject to the approval of shareholders, regulatory approvals, and other customary closing conditions.

Sasol Feels Impact of KwaZulu-Natal Floods

Sasol, the producer of fuel products and chemicals from coal, has said the impact of the KwaZulu-Natal floods may affect its fourth-quarter volume outlook. The firm has also declared a force majeure on the export of some chemicals products. A force majeur is a common clause in contracts, which frees parties from liability or obligation when an extraordinary event occurs - in this case, the devastating floods.

President Cyril Ramaphosa to Address Parliament on KZN, Eastern Cape Floods

President Cyril Ramaphosa will today address a joint sitting of Parliament on the devastation caused by catastrophic flooding along with parts of the eastern coast. Ramaphosa is expected to outline the government's response and any additional funding after declaring the flooding a national state of disaster. Finance Minister Enoch Godongwana has set aside R1 billion and additional funding will be allocated through parliamentary processes.