CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. WATCH: Rand surrenders previous session gains
The local unit surrendered previous session gains as souring risk sentiment swept through global markets, worsened by abysmal mining production readings on domestic soil according NKC Research.
2. Covid-19 takes heavy toll on mining with output contracting 47.3%
Mining output contracted 47.3percent year-on-year in April as the industry came to a standstill at most operations due to the coronavirus (Covid-19) lockdown restrictions in South Africa.
3. Law experts poke holes in the Competition Commission's findings
Competition law experts have questioned the judgment against Babelegi Workwear and Industrial Supplies CC for excessive pricing and abuse of market dominance.
4. Sanlam launches job-preservation initiative in response to Covid-19
Sanlam Investments is responding to the Covid-19 pandemic through large-scale support of the recovery of South African companies, from small enterprises to corporates that employ a large number of people.
5. Reunert warns its interim earnings could decline by as much as 179%
Reunert has warned that its half-year earnings could decline by as much as 179 percent, negatively impacted by the underperformance of its electrical engineering segment and impairments as a result of Covid-19.
6. Zero-premium mergers becoming the new normal among gold miners
Gone are the days of paying high premiums to acquire mining companies or assets.
7. MultiChoice to add Netflix and Amazon services to new decoder
MultiChoice Group Ltd. signed deals with Netflix Inc. and Amazon.com Inc. to offer their streaming services through its new decoder, a move intended to help Africa’s largest pay-TV company retain subscribers.