CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
Heriot REIT had made a hostile bid for Safari Investments RSA, a listed REIT with a R3.2 billion portfolio of peri-urban properties, but Safari has questioned Heriot’s claimed shareholder support base.
2. WATCH: Rand swings between gains and losses
The rand swung between gains and losses as investors weighed a cautious outlook on the budget against a receding trade-weighted dollar and oscillations in global risk appetite according to NKC Research.
3. Telkom plans restructuring as profit tanks, fixed-voice revenue declines
Telkom said on Monday that it planned a major restructuring after its profitability tanked on the deterioration in fixed-voice revenue as a result of the coronavirus pandemic.
The South Gauteng High Court will tomorrow hear an urgent application by SA Airlink to interdict a creditors’ meeting to vote on the proposed business rescue plan for South African Airways (SAA).
5. Cyril Ramaphosa warns of tough times, difficult decisions, unavoidable job losses
President Cyril Ramaphosa warned of tough economic times ahead and difficult decisions to be made as the government prepared to table a special adjustment Budget that seeks to manage public spending and scale back on projects.
6. AYO’s R5 billion asset base – a catalyst for change
AYO Technology Solutions the largest black-owned ICT company in South Africa, recently announced its results, which show strong cash balances and no debt.
Naspers's has outperformed the South African equity market over the past 16 weeks, gaining more than 22 percent, positively impacted by Tencent, which was up 30 percent during the period.
BUSINESS REPORT ONLINE