Tiger Brand’s share price plunged by more than 6 percent yesterday in the aftermath of the promotion of chief financial officer Noel Doyle to CEO. Reuters
Tiger Brand’s share price plunged by more than 6 percent yesterday in the aftermath of the promotion of chief financial officer Noel Doyle to CEO. Reuters

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 27, 2020

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

1. Dlamini Zuma warns of unemployment surging above 50%

The government yesterday acknowledged that the country’s unemployment rate could surge to beyond 50percent as a result of businesses taking strain from the coronavirus epidemic.

2. Business rescue practitioners deny South African Airways set to start flying in June

Business rescue practitioners for state-owned South African Airways (SAA) said on Wednesday the airline is not aiming to resume domestic flights from mid-June, rejecting a statement from the airline a day earlier.

3. WATCH: Rand soars as risk sentiment improves

The South African currency rallied as a constructive global growth recovery narrative fuelled risk appetite according to NKC Research.

4. Price of food for low income families increases

The price of foods in the supermarket trollies of families living on low incomes increased 7.8 percent (R250) between March and May 2020., the two months of lockdown so far.

5. Nike voted most admired brand on the continent​

US sportswear and apparel brand Nike has been voted the most admired brand in Africa, according to the 2020 edition of the Brand Africa 100: Africa’s Best Brands survey released on Monday.

6. Tiger Brands shares take hit on 'bleak future'

Tiger Brands slid nearly 6percent on the JSE yesterday after it slammed the brakes on dividend payments because of what it said would be a bleak future following a difficult trading period in the first half of the financial year as profits crashed.

7. Fears of 'mountain of debt' for SA in wake of the coronavirus

Economists and political analysts say they fear the massive mountain of debt awaiting South Africa and the world at the end of the Covid-19 pandemic. 

BUSINESS REPORT ONLINE

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