CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Economists saying price hikes on locally produced goods are unlikely
The price of most locally produced goods will not rise in the immediate future. That is the glimmer of light provided by economists and financial analysts, following the release of the latest Producer Price Index (PPI) data from Stats SA.
2. Bolt Business Delivery launches to help businesses during lockdown
Essential services businesses can now use Bolt Business Delivery to help fulfill orders within the confines of the South African government’s lockdown regulations.
3. SA Treasury introduces tax subsidies among measures to mitigate impact of Covid-19
South Africa's Treasury announced a tax subsidy for some employers, among measures to mitigate the impact of the Covid-19 pandemic on the economy.
4. Absa outlines how it will provide relief from lockdown to customers in distress
Absa finally broke its silence on how it was going to provide distressed customers relief amidst the Covid-19 financial crises, which would be implemented today, while Standard Bank announced a second wave of relief measures.
5. FNB announces measures to help customers impacted by Covid-19
FNB is aiming to ensure that all customers can continue keeping their financial affairs in order through the period of the lockdown.
6. Netflix will reduce video quality in SA during lockdown
Video streaming service Netflix said it will reduce its streaming bitrate for South African users to reduce congestion on networks.
7. Moody's blow hits at worst possible time
The South African bond market and the rand are likely to face a tough week that could see the local currency breaching the psychological barrier of R18 to the dollar, and a massive sell-off as investors digest Moody’s downgrading of the country’s sovereign debt on Friday.