Picture: Karen Sandison/African News Agency/ANA
Picture: Karen Sandison/African News Agency/ANA

7 things you need to know today

By Dhivana Rajgopaul Time of article published Nov 25, 2020

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

1. Exchange control proposals to be reviewed

The government has put on hold proposed changes to exchange control laws in a bid to create an enabling environment that would make it easier for foreigners to invest in the country’s economy.

2. Sasol ready to sell 50% of its Texas polyethylene asset to reduce debt

Sasol surged the most in one month following on news that it would sell a 50 percent interest in its polyethylene asset in Texas, for $404 million (R6.21 billion) in line with its ambition to reduce debt.

3. Eskom warns of continued crisis if independent producers can’t help

Eskom chief executive Andre de Ruyter has warned that the utility’s power generation crisis would persist for longer if the government failed to allow it to procure more electricity from Independent Power Producers (IPPs).

4. Hard-pressed consumers want discounts, bargains

PricewaterhouseCoopers (PwC) study Black Friday report said South African consumers would have less money in their pockets to spend on luxury goods and would be looking to retailers for discounts and bargains – particularly on staple items – this Black November.

5. Land Bank hit by Moody’s further downgrade

Cash-strapped Land Bank of South Africa has been downgraded by Moody’s on restructuring delays and a related liability solution.

6. Rand closes in on R15 against the dollar

The South African currency traded on the front foot, lifted by an improved market mood as US President Trump accepted the commencement of the transition towards a Biden administration according to NKC Research.

7. Momentum in double-digit earnings growth

Momentum Metropolitan Holdings bounced back strongly in the first quarter of the 2021 financial year by reporting a double-digit growth in earnings after it was hurt by the Covid19 outbreak in its full-year results.

BUSINESS REPORT ONLINE

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