Compiled by Dhivana Rajgopaul
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. 85% of South Africans in need of financial help, 55% has no access to credit
At least 85 percent of all South Africans need help either financially, emotionally or both as a result of the Covid-19 pandemic, according to a recent survey by Debt Rescue.
2. Mboweni triggers minor storm on legality of online forex trading in SA
Finance Minister Tito Mboweni kicked off a minor storm and no small measure of confusion when responding to a parliamentary question on online forex trading last week.
3. Rand trades firmer overnight
The South African currency experienced a volatile session on Friday as news that US President Trump tested positive for the coronavirus sparked risk off-trade according to NKC Research.
4. Unemployment rate decreased amidst of 2.2 million job loses
South Africa's unemployment rate fell to 23.3 percent in the second quarter of 2020 from 30.1 percent in the previous period. It was the lowest jobless rate since the second quarter of 2009, as the country's strict lockdown distorted labour force numbers with fewer people actively looking for employment.
5. South Africa's factory activity improves in September - PMI
South African private sector activity showed a softer decline in September as an easing of lockdown restrictions boosted business activity and new sales, a survey showed on Monday.
6. Ethiopian Airlines limits South African offer to pilots, planes
Ethiopian Airlines Group is willing to provide planes, pilots and maintenance services to beleaguered rival South African Airways as part of a joint venture with that country’s government.
7. Stronger and united SA Leadership required to save Eskom
Shifting goal posts and signs of instability are not helping to rebuild trust between citizens and Eskom. Eskom has extended its request to citizens for load shedding to continue from previously projected 18 months to about 29 months (to March 2022).
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