Picture: Oupa Mokoena/African News Agency (ANA)
Picture: Oupa Mokoena/African News Agency (ANA)

7 things you need to know today

By Dhivana Rajgopaul Time of article published Nov 30, 2020

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CAPE TOWN - Good morning. This is all the latest business news that you need to know today.

1. Dark cloud casts shadow over Black Friday

This year there was no Black Friday bonanza for major retailers as the resurgence of the Covid-19 pandemic, which has damaged not only the economy but led to job losses and constrained consumers’ spending power, deterred the usual throngs of shoppers.

2. State and public sector workers’ unions to face off in Labour Court

The government will face off with public sector workers’ unions in the Labour Court this week as it reneged on implementing the last leg of the three-year public wage deal signed in 2018.

3. Purple Group rockets out of the red with 251% jump in its profitability

Purple Group’s share price leapt by more than 7 percent on the JSE on Friday after the financial services group returned to profitability in the year to end-August.

4. African Free Trade could lead a Covid-19 recovery

Vice-President of the African Development Bank (AfDB) Solomon Quaynor has said the implementation of the African Continental Free Trade Area (AfCFTA) could lead the recovery from the Covid-19 crisis.

5. Bidvest sees recovery that matches up with last year

The Bidvest Group said on Friday that it had seen a recovery in trading performance in the four months to the end of October, with revenue and trading profit broadly unchanged compared to the same period last year.

6. Rand runs out of steam

The rand lost momentum as the risk rally showed signs slowing, but remained near multi-week highs against the greenback according to NKC Research.

7. L2D records improvement of foot traffic in count and turnover

Liberty Two Degrees (L2D) has made good progress in negotiating rental relief packages and is seeing a monthly improvement in both foot count and turnover, the group said in a pre-close update on Friday.


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