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7 things you need to know today

Photo: Phando Jikelo/African News Agency (ANA)

Photo: Phando Jikelo/African News Agency (ANA)

Published Jun 22, 2020

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CAPE TOWN - Good morning. This is all the latest business news that you need to know today. 

1. WATCH: Rand advances against the greenback

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The rand clawed back some losses after second wave coronavirus infection fears across the globe clipped risk assets during the previous session according to NKC Research. 

2. $1bn boost for SA’s emergency Budget

Finance Minister Tito Mboweni’s emergency Budget has received a $1 billion (R17.3 billion) boost as he prepares to reprioritise R130 billion to fund part of the government’s R500 billion stimulus package to respond to Coved-19 fallout.

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3. Santam rejects settlement proposal from hospitality operators

Santam has rejected a business interruption settlement proposal from more than 400 tourism and hospitality operators relating to the Covid-19 pandemic, forcing claimants to head to court for a declaratory order or as part of a class action.

4. Government needs to do more to ease financial plight of small companies

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More than  500 000 more people will be able to return to work soon following the government decision to ease lockdown restrictions, allowing small businesses such as restaurants, travel agents and hairdressers to reopen, but the government needs to do more to ease the financial plight of these companies.

5. Cell C considers axing 40% of staff in shake-up

Beleagured Cell C has proposed cutting up to 40 percent of its workforce as part of a new operational structure, only weeks after the Competition Commission approved its recapitalisation transaction.

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6. SA Emergency budget has little fiscal space to manoeuvre

Finance Minister Tito Mboweni will present a radically revised emergency budget on Wednesday with significant holes on income as the coronavirus pandemic has all but wiped out the fiscal space to manoeuvre. 

7. Santaco: Taxi strike is a peaceful one with no disruptions to alternative transport

The SA National Taxi Council (Santaco) confirmed on Sunday that its plans to shut down operations in Gauteng on Monday will go ahead as it presses the government to review the industry’s financial relief.

BUSINESS REPORT ONLINE

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