CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Industrial producers face tough conditions despite rising prices
Industrial producers are set for a tough trading period in the near term due to a recessionary economic environment despite prices rising more than expected in August.
2. Moody's warns of further SA downgrading
Ratings agency Moody’s yesterday warned that South Africa's sovereign credit rating could be pushed further into sub-investment territory, as public debt was growing at an alarming rate.
3. Easing of regulations bodes well for Liberty Two Degrees operations
Liberty Two Degrees (L2D) yesterday welcomed the easing of the lockdown to level 1 after the real estate investment trust (Reit) said its operations were severely hampered by Covid-19 in the first half of the year.
4. Alviva shares surge on news of final dividend declaration
Alviva Holdings surged more than 10 percent on the JSE yesterday after the group declared a final dividend of 15cents a share for the year to end June despite a 50percent fall in earnings.
5. Rand whipsaws as Moody’s expresses concerns over SA’s post Covid-19 economic recovery
The rand whipsawed throughout yesterday’s session, as Moody’s expressed concerns over South Africa's post coronavirus economic recovery according to NKC Research.
6. Remgro profits tumble by close to 70%
Diversified investment holding company Remgro said yesterday that its full-year profits tumbled nearly 70 percent during the year to end June, hurt by the Covid-19 outbreak.
The gap between the rich and the poor widened further last year with South Africa retaining its position as the 38th richest country for the second consecutive year.
BUSINESS REPORT ONLINE