Photo: Bloomberg
Photo: Bloomberg

7 things you need to know today

Time of article published Oct 16, 2020

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Compiled by Dhivana Rajgopaul

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

1. Pepkor’s 20% decline in earnings likely to lead to asset impairments

Pepkor will likely impair the carrying value of its intangible assets due to a 20percent earnings slide during the year ended September 30.

2. R1 trillion for reconstruction and recovery

President Cyril Ramaphosa yesterday unveiled his much anticipated economic recovery plan that he said would be underpinned by a R1trillion investment in critical infrastructure over the next four years, a stable energy supply in two years and an implementation committee of Cabinet ministers to see it through.

3. Rand loses ground against the greenback

The South African currency’s allure dimmed on Thursday as risk aversion swept through global forex markets while investors were cautious ahead of the president’s recovery plan announcement according to NKC Research.

4. 700 000 more out of jobs in second quarter

The Covid-19 lockdown restrictions pushed nearly 700 000 more people out of jobs in the second quarter, while slashing salaries for those that are employed.

5. Cutting spending and reducing debt as part of reforms to boost economic growth

President Cyril Ramaphosa yesterday gave the strongest indication yet of the government’s commitment to cutting spending and reducing debt as part of reforms to boost economic growth.

6. Standard Bank lending to fossil fuel industries stands at R67.4bn

Standard Bank, Africa's largest lender by assets, has R67.4 billion ($4 billion) in loans and commitments to the coal, oil and gas sectors on its books, according to a climate exposure report it published on Thursday.

7. GBK bust in UK knocks Famous Brands' shares in South Africa

Famous Brands fell more than 3 percent on the JSE yesterday after the restaurant franchisor said that its UK subsidiary, Gourmet Burger Kitchen (GBK), had gone bust on Covid-19.


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