Photo: Armand Hough African News Agency (ANA)
Photo: Armand Hough African News Agency (ANA)

7 things you need to know today

By Staff reporter Time of article published Jul 21, 2020

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

1. Denel's Danie du Toit resigns after only 18 months at the helm

Loss-making state defence company Denel yesterday announced the unceremonious resignation of group chief executive Danie du Toit after only 18 months at the helm.

2. Rand shuffles sideways in choppy trade

The South African rand traded little changed as risk appetite was curbed by concern surrounding rising infections across the globe according to NKC Research

3. Another rate cut may be on the cards as SARB ponders recession

The SA Reserve Bank (SARB) might deliver another interest rate cut this week as it ponders easing monetary policy with deepening domestic and international economic recession as well as tumbling consumer price inflation.

4. Bolt launches new low-cost ride-hailing service in SA

Ride-hailing platform Bolt has launched a new low-cost category called Bolt Go in South Africa with fares approximately 20 percent less than regular Bolt rides.

5. Ventilator manufacturing project enters production

In a big win for South African industry, the government's ventilator manufacturing project (NVP) entered production last week and the first life-saving machines should be ready in a few weeks, Trade, Industry and Competition Minister Ebrahim Patel announced on Friday.

6. Petra Diamonds sells Botswana exploration assets

Petra Diamonds has agreed to sell its Botswanan exploration assets to Botswana Diamonds for $300,000 and a 5% royalty on future revenue, the diamond miner, which is in the process of restructuring, said on Monday.

7. Another award for Capitec CEO Gerrie Fourie

Capitec CEO Gerrie Fourie has been named Alumnus of the Year 2019 by the University of Stellenbosch Business School (USB), the banking group said on Monday.


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