CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. WATCH: Rand hits 11-week high against the US dollar
The South African rand surged to an 11-week high against the greenback as investors piled into risk assets according to NKC Research.
2. Finbond liquidity, cash flow position resilient
Finbond has warned that the Covid-19 pandemic and national lockdowns will result in a global economic downturn that will have an adverse impact on sales volumes and revenue - and potentially collection rates and asset valuations.
3. High demand for ride-hailing cars with Covid-19 protection measures by healthcare workers
The demand for ride-hailing vehicles with additional Covid-19 physical protection measures has surged according to ride-hailing company Bolt.
4. Rand breaks psychological R17/$ level
The rand on Wednesday accelerated past the psychological R17 level against the US dollar on the back of improving global sentiment and a weakening greenback as a result of continuing large-scale protests in the country as well as protracted tensions with China.
5. SA is ranked 52 in the Global Startup Rankings of 2020
StartupBlink’s 3rd global startup ecosystem report, as part of Startup Blink's quest to uncover the trends of innovation throughout 1000 cities and 100 countries.
6. Banks told to cut lending rates in SA
South African banks are facing political pressure to adjust the rate they use as a reference to determine interest charges after measures to contain the coronavirus roiled the economy, according to the nation’s bank regulator.
7. Mediclinic shares gain 8%
Mediclinic International share price surged by more than 8 percent on the JSE despite the private health-care services group reporting a loss of £320 million (R6.93 billion) for the year to end March, negatively impacted by impairment charges in the Middle East and Switzerland.