CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. WATCH: Rand runs out of momentum during morning trading session
The rand benefited somewhat from speculation that the Fed may announce yield-curve control measures, with the receding greenback sheltering the rand from reaction to an abysmal business confidence reading according to NKC Research.
2. Sanlam Group cautions as new business volumes surge by 33%
Sanlam Group saw new business volumes surge by 33 percent to R96 billion during the first quarter, but warned yesterday that Covid-19 restrictions would dent volumes for the 2020 financial year.
3. Business confidence at rock bottom as economic activity tumbles on lockdown regulations
Business confidence in South Africa plunged to a low in the second quarter as economic activity tumbled on the lockdown regulations.
4. MultiChoice shareholders have reason to smile all the way to the bank
MultiChoice on Monday sent its shareholders smiling all the way to the bank after soaring nearly 10 percent on the declaration of a maiden gross dividend of 565 cents a share for the year to the end of March.
5. Digital Africa to develop white paper to support Africa start-ups
Digital Africa plans in the next few months to develop a white paper to guide the organisation over the next three years on how to support Africa’s high impact start-ups.
6. FNB warns of 8% GDP contraction and almost 800 000 job losses
One of the country’s largest banks, FNB, yesterday warned of a dire micro-economic outlook for 2020, charging that gross domestic product (GDP) could contract by 8 percent on the impact of Covid-19.
7. Hyprop says seeing pick up in rent collections
South African shopping mall operator Hyprop Investments said on Wednesday that rent collections were increasing as outlets reopened and customers slowly start returning after more than two-months of lockdown.