Photo: Karolina Grabowska/Pixabay
Photo: Karolina Grabowska/Pixabay

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published May 29, 2020

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

1. PSG keeps promise and offloads 28.1% of its stake in Capitec

Investment giant PSG Group has kept its promise to reconsider its exposure to Capitec, announcing on Tuesday that it had decided to spin off 28.1 percent of its stake in the country’s second biggest retail bank to unlock value for its shareholders.

2. WATCH: Rand reaches a nine week high against the dollar

The South African rand briefly touched a nine-week high against the greenback yesterday on the back of optimism surrounding phased global reopening according to NKC Research. 

3. Retrenchments down the line for Barloworld as it prepares for post-Covid-19 trading

Distribution group Barloworld has said it plans significant group-wide retrenchments before the end of the year to prepare itself for trading post the coronavirus pandemic.

4. South African wine industry on its knees as lockdown set to ease

Two years ago, South Africa’s first black female winemaker Ntsiki Biyela watched anxiously as the worst drought in a century scorched vineyards across Western Cape.

5. Business for South Africa looks to procure 90% of PPE orders from local suppliers

Business for South Africa (B4SA), an organisation of volunteer resources to assist the country in its Covid-19 response, aims to procure 80-90 percent of personal protective equipment (PPE) orders from local and, or black-owned suppliers, the organisations’ Health Workgroup chairman Stavros Nicoloau said yesterday.

6. How lockdown level 3 will affect business in South Africa

South Africa will ease lockdown rules next month, allowing millions of people to return to work even as new coronavirus infections continue to climb. These are some of the key provisions published in the government gazette on Thursday that aim to restart the economy:

7. Virus could cost South Africa 5 years of potential output

South Africa stands to lose five years of potential economic output due to the shock from the coronavirus pandemic and measures to curb its spread, according to the nation’s central bank.

BUSINESS REPORT ONLINE

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