Picture: Phando Jikelo/ANA.
Picture: Phando Jikelo/ANA.

7 things you need to know today

By Dhivana Rajgopaul Time of article published Aug 31, 2020

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Compiled by Dhivana Rajgopaul

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

1. Record year for Northam despite stoppages

Northam Platinum, a primary producer of platinum group metals (PGMs), posted record earnings for the year to the end of June as a result of a surge in PGM prices and a weaker rand, despite losing almost a month of production because of Covid-19.

2. Discovery expects its earnings to plummet 100%

Discovery's shares fell more than 4percent after the financial services group warned that its annual earnings were now expected to tumble by up to 100percent.

3. Rand benefits from a softer dollar

The rand rallied on Friday thanks to carry appeal and risk-on sentiment as the dollar index extended losses amid Jackson Hole policy guidance according to NKC Research.

4. IDC slams Sasol over exorbitant separation pay

The Industrial Development Corporation (IDC) on Friday slammed energy and chemicals group Sasol for paying exorbitant separation packages to its joint chief executives and presidents.

5. Tito Mboweni says he is still SA's finance minister

Finance Minister Tito Mboweni has responded to suggestions he may resign with a tweet saying he was staying put in his post and working to fix South Africa's flagging economy.

6. Private business revenue decline spikes - PwC study

A study by PwC has shown more than 50 percent of private businesses covering 53 countries in Europe, Middle East and Africa (EMEA) were expecting their revenues to decline this year in the wake of the Covid-19 pandemic.

7. Steinhoff International sales hurt by global lockdown

Steinhoff International has said the Covid-19 outbreak and trading restrictions imposed worldwide in March had a negative impact on its sales during the nine months to end June as some of its stores were closed.

BUSINESS REPORT ONLINE

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