7 things you need to know today

File picture: (ANA) Bongani Mbatha/African News Agency(ANA)

File picture: (ANA) Bongani Mbatha/African News Agency(ANA)

Published Aug 14, 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. SA unemployment fund Covid-19 relief disbursements hit R40bn mark

South Africa's Unemployment Insurance Fund has now disbursed R40 billion (US$2.3 billion) in temporary relief for workers impacted by a lockdown the government enforced to try and contain the Covid-19 pandemic.

2. Rand trades little changed overnight

The South African currency shrugged off a weak mining production release and the return of power cuts while a stalemate on US fiscal stimulus clipped the greenback according to NKC Research.

3. Shoprite launches Money Market Account to allow customers to do multiple transactions

Shoprite has launched a free transactional account called Money Market Account, to give customers more ways to save, send or spend their money.

4. More than half of employees are still working from home

More employees have returned to work as the lockdown has eased, but new data has shown that more than half of company employees are still working remotely.

5. PPC is eyeing R1.2bn rights issue capital injection to repay debt

PPC, South Africa's biggest cement maker, plans to raise capital, likely via a R1.2 billion rights issue, to repay and restructure debt locally and in its other African markets, and to refinance after the economic effects of the Covid-19 pandemic.

6. Exxaro revenue rises on record exports, weaker rand

Diversified mining company Exxaro Resources’ revenue jumped 18 percent to R14.1 billion in the six months ended in June on record export volume and help from a weaker rand.

7. Power cuts to dampen business, consumer confidence as Eskom implements load shedding

South Africa woke up to news of more load shedding yesterday, with analysts warning a resurgence of power supply interruptions could derail South Africa’s economic recovery and stifle investments post Covid-19.

BUSINESS REPORT ONLINE

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