CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Rand applauds successful vaccine trial results to extend gains
The South African rand applauded successful vaccine trial results to extend gains on Tuesday as positive global sentiment overshadowed concerns regarding a deepening domestic economic quagmire according to NKC Research.
2. Construction industry capacity only operating at roughly 15% in Level 4
Some 50 percent of construction industry capacity should be operational in Level 4 of the lockdown, but the actual percentage is much lower because necessary, but lengthy new health and safety administration issues have prevented the companies from getting on site.
3. Gig workers hit hard by Covid-19
Gig workers have proven particularly vulnerable during the economic shutdown, with about half of them losing their “jobs”, according to new research by The Fairwork Project, a collaboration between various South African and foreign university research units.
4. PepsiCo appoints Tertius Carstens as its sub-Saharan Africa CEO
American beverages company PepsiCo on Tuesday announced that it has appointed Pioneer Foods boss Tertius Carstens as its sub-Saharan Africa chief executive.
5. Rhodes Food interim earnings down 3.1%, sees risk from Covid-19
Western Cape-based company Rhodes Food on Tuesday reported a 3.1 percent decline to 31.1 cents in diluted headline earnings per share for the half year ended March, although its turnover rose 9.6 percent to R2.9 billion.
6. Dipula defers interim dividend
South Africa-focused REIT Dipula Income Fund’s headline earnings per share fell 5.6 percent to 44.15 cents in the six months to February 29 and the interim dividend was deferred, pending evaluation of the impact of the Covid-19 pandemic on the company.
7. Competition Commission received over 1 000 complaints on price increases during lockdown
South Africa's Competition Commission told the Portfolio Committee on Trade and Industry that since the national disaster was declared in March, it had received a total of 1 354 complaints and tip offs from the public regarding inflated prices.