CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
Diversified investment group African Equity Empowerment Investments (AEEI) maintained a strong balance sheet with significant cash resources and minimal debt in the six months to February 29, 2020.
2. Sun International 'more than ready' to reopen after lockdown
Hospitality group Sun International on Thursday cheered an announcement by South African President Cyril Ramaphosa of a further easing in Covid-19 lockdown restrictions which it said would allow the company to reopen its resorts, hotels, casinos and restaurants.
3. Tongaat to sell Tambankulu Estates to Eswatini’s Public Service Pensions Fund for R375m
Tongaat Hulett is to sell Tambankulu Estates to Eswatini’s Public Service Pensions Fund for R375 million in a share purchase agreement, with the proceeds earmarked to reduce its R13 billion debt.
The rand traded on a firmer footing as optimism surrounding preliminary results that dexamethasone may be a ‘breakthrough’ drug for the treatment of Covid-19 outweighed concerns of a spike in global second wave infections according to NKC Research.
5. South African consumers uncertain over their finances
South African consumers are more uncertain about the future of their finances through the Covid-19 crisis than they were at the beginning of April, when the national lockdown started and the number of people who have lost jobs has continued to increase.
6. Up to 27% of architects face retrenchment
The construction industry has been allowed to reopen, but a survey by the South African Council for the Architectural Profession (Sacap) and South African Institute of Architects (Saia) shows severe hardship has already hit architectural firms due to the Covid-19 lockdown.
Transnet said on Wednesday that 26 fuel theft incidents along its inland fuel pipelines from April had resulted in more than 2 million litres of petroleum products being stolen.
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