CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. FNB announces help via Covid-19 loan scheme
First National Bank (FNB), a division of FirstRand, announced yesterday its clients could apply for a business loan through its Covid-19 loan scheme.
2. One in five SA businesses laying off staff due to impact of Covid-19
The economic devastation brought on by the coronavirus pandemic and the ensuing national lockdown has seen one in five businesses in the country laying off staff and a third of businesses working reduced hours.
3. SA government disappointed by S&P Global ratings downgrade
The government said it was disappointed by S&P Global's decision to lower its long term foreign and local currency debt ratings further into non-investment grade to "BB-" and "BB" respectively due to Covid-19 related pressures.
4. WATCH: Rand extends gains as it closes in on R18/$
The South African rand rode the tailwinds of improving risk appetite as promising drug trial results sparked hopes for a Covid-19 vaccine according to NKC Research.
5. Covid-19: Impact of lockdown on transport, distribution and warehousing
Four weeks into lockdown, road freight, warehousing and distribution companies are reporting varying levels of impact on their businesses.
6. South Africa paid R3.3bn in unemployment relief
South Africa’s Unemployment Insurance Fund has paid out just over R3.3 billion to people whose work and income have been affected by the coronavirus pandemic and a lockdown to curb the spread of the virus.
7. World’s deepest gold mines on a ‘cliff’ as virus curbs output
South Africa’s gold industry output has dwindled to a fifth of its 1970s’ peak as ever-deepening shafts and higher costs take their toll.