Photo: File
Photo: File

7 things you need to know today

By Compiled by Dhivana Rajgopaul Time of article published Jul 1, 2020

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

1. Agriculture rebounds after four quarters contraction

South Africa’s agriculture economy rebounded in the first quarter of 2020 by 27.8 percent quarter on quarter on a seasonally adjusted and annualised basis after experiencing four consecutive quarters of contraction due to droughts, foot-and-mouth diseases among other factors.

2. WATCH: Rand weakens amid cautious trading

The South African rand dipped in cautious trade ahead of a busy economic calendar this week, which kicked off with the Q1 GDP release according to NKC Research. 

3. Lockdown collapses SA economic activity as GDP contracts 2%

The economy has sunk deeper into recession after gross domestic product (GDP) contracted by 2 percent in the first quarter, which was better than expected, but economists’ forecasts are bleak, as economic activity has collapsed under the national Covid-19 lockdown.

4. Vukile says that all talk of a retail property apocalypse is grossly misplaced

All talk in the market of a retail property apocalypse, which had been made worse by the Covid-19 pandemic, was misplaced, Vukile Property Fund chief executive Laurence Rapp said on Tuesday.

5. Thirdway, Maia launch a R3bn Impact Fund to boost post-Covid economic recovery

Black-owned infrastructure investor and asset manager Thirdway Investment Partners, in association with Maia Capital Partners on Tuesday announced the launch of a R3 billion impact investing fund – the Maia Debt Impact Fund I – as one of the post-Covid-19 economy reset measures to build an inclusive and resilient economy.

6. GDP numbers 'better than expected' but a depression may be looming

The market expected the economy to shrink by 3.8 percent over the first quarter so the -2 percent print for Q1 2020 GDP (quarter on quarter, seasonally adjusted and annualised) might be slightly better than anticipated, but it almost means nothing. 

7. Double-digit growth in revenue reported for Prosus

Prosus yesterday reported double-digit growth in revenue for the year to the end of March on strong performance from its food delivery segment.


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