7 things you need to know today
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Big players rally behind accelerated economic recovery strategy
Private sector players have rallied behind the accelerated economic recovery strategy proposed by South Africa’s biggest business grouping with the aim of achieving higher levels of growth to recover from the Covid-19 crisis.
2. WATCH: Rand rises despite the resumption of load-shedding
The rand juggled cautious sentiment as coronavirus infections are surging across the globe and frustration hit as South African power utility Eskom switched off the lights against a soft US PPI release according to NKC Research.
3. Business interruption ruling rankles, Santam seeks urgent meeting with FSCA
Santam has requested an urgent meeting with the Financial Sector Conduct Authority (FSCA) after the authority rowed back on its business interruption (BI) claims position by recognising Covid-19 to be the primary cause of commercial losses.
4. Closures, job losses loom as wheels come off car rental business
Bidvest Car Rental, one of the biggest car rental companies in South Africa, has warned staff that all the positions in the company, which has more than 100 branches across the country, might become redundant, as it plans to close or sell the business.
5. Credit Ombud saves R6.95m for consumers
The dredit Ombud said on Friday that it had saved consumers R6.95 million last year, 17 percent less than the R8.36m a year earlier, following what might have been the toughest year in its history.
6. Alexander Forbes feels effect of Covid-19
Alexander Forbes has been forced to freeze the fees of all its nonexecutive directors as part of the group’s cost-containment initiatives in response to the impact of the coronavirus (Covid-19) pandemic on its operations
7. Stadio Holdings education group growth still on track
Private education group Stadio Holdings has said its growth projections remained on track despite facing mounting challenges as a result of the Covid-19 outbreak