File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 18, 2020

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

1. Massmart sales severely hit by Covid-19 impact

Massmart  reported that sales for the 19 weeks ended May 10 were severely hit due to Covid-19 regulations limiting trade in the majority of general merchandise,  home improvement, and alcohol products. 

2. Impala halts production at Marula mine

Impala Platinum (Implats) has warned that the prevalence of Covid-19 in communities surrounding its Marula mine in Limpopo is higher than it previously expected as it confirmed that 19 cases of the virus were detected at and around the mine.

3. WATCH: Souring risk sentiments drags the rand down

The rand oscillated with a bearish bias after an initial firmer start to the session according to NKC Research. 

4. Shape up or ship out, parliament tells SAA’s business rescuers

Parliament has told the business rescue practitioners (BRPs) of South African Airways (SAA) to “shape up or ship out” as the process of saving the national carrier has drowned millions of rand, with no final rescue plan in sight after five months.

5. Gordhan stakes his reputation and South Africa’s on new airline

Pravin Gordhan, South Africa’s minister for public enterprises, is staking his own credibility and that of President Cyril Ramaphosa’s government on the creation of a new airline out of the ashes of the bankrupt national carrier.

6. Dis-Chem in agreement to acquire 100% of Baby City from its founder

JSE-listed retail pharmacy group Dis-Chem Pharmacies is set to enter the baby retail market after it entered into an agreement to acquire 100 percent of the issued share capital of Baby City for R430 million

7. Government’s ‘U-turn’ on e-commerce decision good news for industry

The government’s ‘U-turn’ on e-commerce is good news for the online retail, and the courier, logistics and freight forwarding industries. 

BUSINESS REPORT ONLINE

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