CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Record low South African car sales reflects lockdown pain
South African new car sales plunged to a record low in April, showing some of the first measurable signs of the economic impact of the nationwide lockdown to curb the spread of the coronavirus.
2. Dis-Chem says it charged less than its competitors for face masks
Dis-Chem shares fell more than 4percent yesterday as the pharmaceutical retailer moved to defend its prices for surgical face masks, telling the Competition Tribunal that the alleged price hikes by several of its outlets were below those of its competitors.
3. WATCH: Rand trades on a firmer footing
The South African currency shrugged off a slow start to the session, overturning losses as local bonds drew attention according to NKC Research.
4. Motor dealer industry stalled in SA, thousands of jobs on the line
The motor dealer retail market in South Africa has stalled through the national lockdown, putting thousands of jobs at risk, but digital solutions can give this market a boost, DealerSA founder, David Thomas said yesterday.
5. Vodacom switches on Africa’s first live 5G mobile network in South Africa
Mobile operator Vodacom Group said on Monday that it had switched on Africa’s first live 5G mobile network in three cities in South Africa, with further rollouts planned in other parts of the country.
6. Redefine Properties will defer a dividend payment
Redefine Properties, which has a more than R90 billion portfolio in South Africa, Australia, Poland and in the UK, said on Monday it would defer a dividend payment for the six months to February 29, due to the uncertainties in the market.
7. Intu will take more 'robust action' to enforce legally binding leases
Intu, which owns leading shopping centres in the UK, said Monday it might have to take “more robust action” to enforce legally binding terms of leases, where customers at its leading UK shopping centres were refusing to pay rent.