File image: IOL
File image: IOL

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Jun 3, 2020

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

1. Eskom takes part in Tegeta's business rescue to recover R5bn

Eskom was participating in the business rescue process of Tegeta Exploration & Resources where it holds a R5 billion claim against the business rescue practitioners, Eskom said in a statement yesterday.

2. Gauteng gobbles nearly half of South Africa's lockdown relief fund

Nearly half of the R16.5 billion that South Africa's Unemployment Insurance Fund (UIF) has disbursed under a temporary relief scheme for those who have lost income due to the Covid-19 pandemic has gone to Gauteng province, the department of employment and labour said on Wednesday.

3. WATCH: Rand creeps closer to R17/$

The South African rand took advantage of a soft dollar to advance to its best levels since mid-March during the European session, although ongoing US-Sino trade tensions weighed on risk appetite according to NKC Research. 

4. Tsogo Sun on top of its game with 50% climb

Tsogo Sun Gaming share price climbed by more than 50 percent on the JSE yesterday to its best performance in more than two months. 

5. Sasol shares gain more than 16% on world oil price rally

Petrochemicals giant Sasol yesterday rallied 16.34 percent to R117.50 a share on the oil price rally, following reports that members of Opec want to extend record production cuts for at least one month.

6. New vehicle sales dip 68% in May- better than April

New vehicle sales in May of 12 932 fell by 68 percent or 27 496 units compared with the number sold in May last year, the National Association of Automobile Manufacturers of South Africa (Naamsa) said on Tuesday.

7. SA Express staff in plea to government for outstanding salaries

Desperate SA Express workers yesterday pleaded with the government to pay them their three months of outstanding salaries and severance packages before the airline’s provisional liquidation was made final next week.


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