Photo: Siphiwe Sibeko/Reuters
Photo: Siphiwe Sibeko/Reuters

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Jun 25, 2020

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

1. Covid-19 exposes SA to accelerated food-security threat, says FairPlay

The coronavirus has impacted agriculture and food production around the world. It is also exposing South Africa to an accelerated food-security threat,which requires action now from multiple players, from government to all involved in the food supply chain.

2. WATCH: Rand slips as markets digest the supplementary budget

The rand slipped as markets digested the supplementary budget while dollar strength weighed according to NKC Research. 

3. African Bank takes R853m Covid-19 hit to its profits

African Bank Holdings (ABH) suffered a R853 million hit to its profits as a result of the Covid-19 outbreak in the six months to the end of March.

4. Boxer Superstores, a subsidiary of Pick n Pay, opens its 300th store

Discount supermarket brand Boxer Superstores, a subsidiary of Pick n Pay, has opened its 300th store as it continues to expand, despite the tough economic climate, which has been exacerbated by Covid-19 disruption.

5. Salaries paid out in May show a significant 7.2% drop

Salaries paid out in May fell significantly by 7.2 percent, reflecting the downturn in the number of people employed as well as financial pressure among low income earners from the Covid-19 lockdown.

6. Consolidated budget spending to exceed R2 trillion for the first time

Finance Minister Tito Mboweni on Wednesday projected total consolidated budget spending, including debt service costs, to exceed R2 trillion for the first time.

7. MTN to launch 5G network in South Africa

Mobile operator MTN Group will launch its 5G commercial network in South Africa next week, joining Vodacom Group and Rain in the race to expand 5th Generation technology in the country.

BUSINESS REPORT ONLINE

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