CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Sasol announces plan to allay investor jitters
Petrochemicals giant Sasol yesterday moved to allay investor jitters amid the continued bloodbath on its shares.
2. WATCH: Rand remains in the back foot overnight
The South African currency suffered another painful day as risk-off sentiment dominated markets across the globe. Local markets digested a mixed bag of mining and manufacturing data for January according to NKC Research.
3. UK-based robotics company to open office in Cape Town
UK-based robotic process automation (RPA) specialist Blue Prism on Thursday announced that it was opening of a local office in Cape Town and formalising its presence in South Africa.
4. High-yield default rate could spike to 9.7% in "pessimistic" virus scenario -Moody's
Credit ratings firm Moody’s said high-yield corporate bond defaults could spike to 9.7 percent - topping 2002 levels - in a “pessimistic scenario” that sees the coronavirus outbreak last longer and spread more widely that currently assumed.
5. Steinhoff to delay Pepco sale as unit’s CEO takes leave
Steinhoff International Holdings NV is delaying the potential sale of its European retail arm Pepco Group amid heightened market volatility and the illness of the unit’s chief executive officer, people with knowledge of the matter said.
6. President releases Report of the Judicial Commission of Inquiry into the PIC
President Cyril Ramaphosa is today releasing to the public the report of the Judicial Commission of Inquiry into the allegations of impropriety at the Public Investment Corporation, which he received in December last year.
7. Ways SMEs can recession proof their businesses
Despite the country falling into recession, coupled with a dim economic outlook, it is not all doom and gloom for small businesses.