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