7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Jun 1, 2020

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

1. CCMA has received 28 000 cases during Covid-19 lockdown

Thousands of workers retrenched or dismissed during the Covid-19 induced lockdown have turned to the Commission for Conciliation, Mediation and Arbitration (CCMA) for help.

2. Tsogo Sun feels pinch as tourism industry in free fall

Tsogo Sun Hotels on Friday confirmed its operations felt the full impact of the coronavirus (Covid-19) pandemic in the fourth quarter of its financial year as tourists stayed away and hotel doors closed as a result of the national lockdown regulations imposed to contain the epidemic. 

3. WATCH: Rand slips amidst cautious trade

The South African currency slipped amid cautious trade as investors await more guidance on the United States' response to China’s tightening control over Hong Kong according to NKC Research. 

4. Gloves are off as British American Tobacco SA goes to court over cigarette ban

The gloves are off as South Africa’s biggest tobacco producer, British American Tobacco South Africa (Batsa), takes legal action to challenge the government's extension of the ban on cigarette sales during level 3 of the national lockdown.

5. Steinhoff Investment Holdings reports R6.51 billion operating profit

Steinhoff Investment Holdings, a subsidiary of Steinhoff International, said on Friday that it expected consumer spending to continue to be constrained and the ongoing pandemic was causing significant disruptions both on the supplier and demand side for the group.  

6. Merafe Resources shares leap 9% on acuisition of Unicorn Chrome stake

Merafe Resources closed 9.09 percent higher to close at 60c a share on Friday following  news that it had acquired a  20.5 percent stake in Unicorn Chrome from Glencore for R32.2 million.

7. Mines aim to return to full production capacity during level 3

The Minerals Council South Africa said on Friday that the mining industry was working with the government to get mineworkers from neighbouring countries back to work as the national lockdown eases to level 3 from tomorrow.

BUSINESS REPORT ONLINE

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