CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Five shares: Give your portfolio a boost with metals
Fears of a second surge in the spread of coronavirus in the US and weak economic data for that country and the global economy have let the bears loose in global markets.
2. WATCH: Rand struggles to gain traction
The South African currency struggled to regain on Friday following a sharp decline in the previous session according to NKC Research.
3. TymeBank decides to stay aloof of unsecured lending
African Rainbow Capital Investments (ARC Investments) said on Friday that TymeBank had put on hold its foray into the unsecured lending space as a result of challenging market conditions in the wake of the Covid-19 outbreak.
4. Vodacom CE and CFO getting double-digit salary increases
Vodacom increased the pay packages of its chief executive, Shameel Joosub, and chief financial officer, Till Streichert, by 13.5 percent and 11.5 percent, respectively, in the year ended March, as the company's international markets recorded double-digit growth in revenue, offsetting the pressure from South Africa’s sluggish economic growth.
5. Old Mutual calls on MTN to clear Afghan militant aid accusations
Old Mutual Investment Group has called on MTN to resolve, with full transparency, allegations that it aided militant groups in Afghanistan. In an unprecedented move, the group, which holds a 5percent stake in the mobile operator, warned that the dispute would likely impact MTN’s environmental, social and governance engagement (ESG) score.
6. Yoco: The digitisation of everything – apart, but still together
A move to online certainly has not been the saving grace for all businesses affected by the Covid-19 lockdown.
7. Edgars on auction block after 91 years of South African trading
Edgars needs buyers to make binding offers by the end of June to prevent the start of wind-up proceedings, putting at risk the future of a South African clothing chain that has traded for almost a century.