Photographer: Lalinka Mahote. African News Agency/ (ANA)
Photographer: Lalinka Mahote. African News Agency/ (ANA)

7 things you need to know today

Time of article published Sep 8, 2020

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

1. Capitec profit growth revised 12% downward

The country’s fastest-growing banking group, Capitec, yesterday revised its profit growth downwards by more than 10 percent, warning that Covid-19 had impacted its operations worse than its initial projections.

2. Clicks shares shrug off furore over hair advert

Clicks shrugged off the furore surrounding the healthcare retailer, with the stock remaining largely unchanged despite the forced closure of some of its operations in parts of the country and a failed bid to interdict protesters calling for the boycott of its products yesterday.

3. African Bank enters R8bn support arrangement with shareholders

African Bank said on Monday that it had entered into an R8 billion support arrangement with its shareholders to re-enter the South African wholesale funding market.

4. Comair and Numsa reach settlement over employee medical scheme contributions

The National Union of Metalworkers of SA (Numsa) said yesterday that it had reached a settlement with business rescue practitioners (BRPs) at Comair, which owns and is the local operator for British Airways, over employees’ medical scheme contributions.

5. Consumer confidence to linger in negative territory, bureau warns

The Bureau for Economic Research (BER) on Monday warned that the country’s consumer confidence was likely to remain in negative territory in the immediate term, as buyers were expected to hold back on purchasing luxuries because of the massive drop in incomes and employment.

6. Rand slips ahead of Q2 GDP release

The South African currency lost traction as caution builds ahead of a pivotal GDP release today according to NKC Research.

7. Competition Tribunal approves sale of parts of Edgars to Retailability

The Competition Tribunal has approved the sale of parts of Edgars to Durban's Retailability subject to certain employment-related conditions, Edcon said in a statement.


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