Photo: Chris Ratcliffe/Bloomberg
Photo: Chris Ratcliffe/Bloomberg

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Mar 2, 2020

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

1. Coronavirus and fear of a downgrading cause havoc in markets

Financial markets last week had one of its worst weeks since the 2009 financial crisis, and behaved almost like after the September 11, 2001, attack that destroyed the Twin Towers buildings in New York.

2. Ramaphosa calls for pragmatism in talks on public service wages

President Cyril Ramaphosa on Monday said talks with trade unions on containing the public wage bill, as set out by finance minister Tito Mboweni in the budget, needed to be conducted in "a spirit of seeking solutions".

3. SAA gets an extension to keep flying its international routes

South African Airways (SAA) will extend operations to some of its international routes to mid-April after they were earmarked to cease at the end of February.

4. Tongaat sells starch business for R5bn

Beleaguered sugar producer Tongaat Hulett is offloading its 100-year-old starch business to a subsidiary of logistics company Barloworld for R5.35 billion in an effort to reduce its debt and cover on-going operations.

5. Trade unions spitting mad over Tito Mboweni's plan to cut wages

Finance Minister Tito Mboweni literally threw the cat among the pigeons during his Budget speech last week.

6. Blue Label in recovery mode after writing down Cell C investment

JSE-listed technology group Blue Label Telecoms posted strong headline earnings on Friday as it recovered in the wake of writing down its investment in debt-laden Cell C. 

7. WATCH: Rand trades firmer against the greenback

The South African currency plummeted last week as global risk-off mode intensified to accentuate risks ahead of the all-important Moody’s review next month according to NKC Research.   

BUSINESS REPORT ONLINE

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