Photo: IOL
Photo: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 22, 2020

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

1. Healthy balance sheet and 11 years of growth

Afrimat's healthy balance sheet after 11 years of earnings’ growth had enabled it to seek opportunities through the lockdown, such as participating in commodity projects or acquiring and turning around companies in distress, chief executive Andries van Heerden said yesterday.

2. WATCH: Rand rises after South African Reserve Bank pulls easing lever

The South African currency traded on a firmer footing as the policy rate decision matched expectations according to NKC Research. 

3. Eskom to sell assets to plug its debt hole

Eskom is to dispose of some of its insurance and finance non-core assets in a bid to raise capital and reduce the power utility’s mounting debt.

4. Hospitality Property Fund decides not to declare dividend

Hospitality Property Fund, which owns 54 hotel and resort properties in South Africa valued at R10 billion, said on Thursday that its board had decided not to declare a dividend for the six months to March 31, the company’s year end.

5. Covid-19 testing at borders delays essential cargo trucks for days

Covid-19 testing of drivers by Botswana and Mozambican border personnel means there are long queues of trucks that often have to wait days to cross the border with South Africa, Road Freight Association (RFA) spokesperson Gavin Kelly said Thursday.

6. Interest rate cut lauded as 'a gift to struggling homeowners'

In an ailing economy and a real estate market in lockdown until Level 2, the Monetary Policy Committee's lowering of the interest rate by 50 basis points has been lauded as a “gift to struggling homeowners”.

7. More capital for households as SA Reserve Bank relaxes monetary policy

The SA Reserve Bank (Sarb) has slashed interest rates further by 50 basis points to 3.75 percent as the central bank relaxes monetary policy to free up more capital for households impacted by the coronavirus (Covid-19) pandemic.

BUSINESS REPORT ONLINE

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