CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Rescue team waits for the optimum proposal
Bouwer van Niekerk, one of the business rescue practitioners (BRPs) at the Optimum Colliery, told lawmakers on Tuesday that the BRPs were expecting an alternative proposal from one of the largest creditors in respect to ramping up the mine.
2. Fresh start for SA’s ailing economy with billions lined up for infrastructure projects
Tens of billions of rand have been secured for some of the infrastructure projects that the government has lined up to kickstart the economy out of the Covid-19-induced recession and grow jobs.
3. WATCH: Rand rises ahead of supplementary budget announcement
The South African rand gained reprieve from thawing risk appetite as perceived US-Sino tensions dimmed, providing shelter for the local unit ahead of a pivotal supplementary budget address according to NKC Research.
4. PIC supports Edcon business rescue plan as adopted by creditors
The Public Investment Corporation (PIC) said on Tuesday that it supported Edcon’s business rescue plan (BRP), which was adopted by more than 75 percent of Edcon's creditors on Monday.
5. Peregrine sees its earnings tumble by 30%
JSE-listed diversified financial services group, Peregrine Holdings, saw its earnings tumble by 29.84 percent for the six months to end March as the Covid-19 outbreak and trade disputes continued to spook the global markets.
6. Tito Mboweni's near impossible Budget juggling act
Finance Minister Tito Mboweni is under pressure to deliver a Budget that will fight the spread of the Covid-19 pandemic and cushion the poor against the rising unemployment and collapsing businesses.
7. Comair gets cash offer
Administrators in charge of South African airline Comair said on Tuesday that they had received a cash offer for the carrier from a company and they would require a week to secure the funding.