7 things you need to know today

Time of article published Oct 29, 2020

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Compiled by Dhivana Rajgopaul

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

1. Gordhan says SAA bailout paves the way for viable new airline

Public Enterprises Minister Pravin Gordhan on Thursday welcomed the in-year allocation of R10.5 billion to South African Airways, saying it had prevented the liquidation of the airline at great financial and human cost.

2. Standard Bank goes ‘customer-centric’ in executive revamp

Standard Bank Group is revamping its management structure and starting new business units to better meet the needs of its customers and generate fresh sources of revenue.

3. MTBPS: Public sector wage bill to be reduced by R36.5bn

The government has promised to freeze senior public sector salary increases for the next three years to support fiscal consolidation and economic recovery plans.

4. Rand slides as MTBPS fails to excite

The South African currency traded on the back foot as the US dollar advanced on safe-haven appeal, while all eyes were fixed upon the finance minister for guidance on the fiscal path ahead according to NKC Research.

5. MTBPS: Proposal to improve collection of taxes

The government has proposed tax increases of R5billion in the next financial year through the improvement in revenue collection as part of the R40bn tax measures required over the next four years to shore up the fiscus.

6. Calm Mboweni instills hope on SA economy

Finance Minister Tito Mboweni stood at a crossroads with a country on the brink of a debt crisis and more financial woes.

7. More could have been done for us, says AgriSA

Agri SA executive director Christo van der Rheede said AgriSA had expected that the National Treasury would be more robust in its support for the sector given that it was one of the biggest employers in the economy due its labour intensive nature.


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