Photo: Neil Hall Reuters
Photo: Neil Hall Reuters

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Mar 24, 2020

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

1. Nedbank, FNB join Standard in offering to help the financially distressed

Nedbank and FNB yesterday joined Standard Bank in offering measures to alleviate the woes of financially distressed clients as Covid-19 cases continue to mount across South Africa, causing financial disruption.

2. Comair Chief Executive announces suspension of flights

Wrenelle Stander, Chief Executive of Comair has announced effective, 27 March 2020 until 17 April 2020, all Comair employees will be staying at home and a shut down of operations. 

3. WATCH: Rand trades slightly firmer this morning

The South African currency garnered support as new measures announced by the Fed stoked some life into risk currencies, although the looming downgrade and jump in confirmed coronavirus cases clipped the local unit’s wings according to NKC Research.

4. SA has ample food supplies, no need to panic, say economists

South Africa’s food security is secure for the rest of the year amid concerns raised by the downturn brought on by the coronavirus, which has led to some South Africans stockpiling ahead of an expected nationwide lockdown.

5. The rand and stocks hit hard

The rand weakened significantly yesterday and moved to test the R18 barrier against the dollar during morning trade on the failure of the US government to vote for the rescue bill which would have rallied the world markets.

6. SA’s growth forecasts are lowered further

As South Africa awaits the Moody’s credit rating decision, the agency yesterday lowered the country’s economic growth forecast further, charging that it expected it to deteriorate this year. 

7. Eskom invites bids to plug short-term power gap

South Africa’s struggling state power utility Eskom offered on Monday to buy surplus electricity from existing generating plants, an indication it thinks it will continue to struggle to meet demand on its own in the short term.

BUSINESS REPORT ONLINE

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