Picture: Oupa Mokoena/African News Agency (ANA)
Picture: Oupa Mokoena/African News Agency (ANA)

7 things you need to know today

Time of article published Oct 23, 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. Clicks Group reports rise in annual earnings despite Covid-19

Clicks Group reported a 13.7 percent increase in annual earnings on Thursday, despite the Covid-19 pandemic, as the company continued to operate during the lockdown because it was categorised as an essential service.

2. Shoprite subsidises over 150 million R5 meals

The Shoprite Group has subsidised more than 150 million R5 deli meals since 2017 and sold 63 million R4.99 bread loaves in the past financial year.

3. SA e-tailer shares predictions for Black Friday 2020

Despite 2020 being a very tough year there's nothing to be gained from not recognising Black Friday and the festive season at large, according to Matthew Leighton, spokesperson for e-tailer OneDayOnly.co.za.

4. Rand trades steady overnight

The South African currency started yesterday on a weaker footing, but cautious optimism continued to provide support later in the session ahead of next week’s pivotal medium-term budget policy statement (MTBPS) according to NKC Research.

5. US appointee to drive Massmart’s online sales

Retail giant Massmart, which owns Game, Makro and Builders, said yesterday that it had appointed Theodore Sylvester John, Walmart’s North America vice-president for last-mile delivery, to lead its e-commerce team as it targets growth in this critical area.

6. Load shedding risk lingers, until September

Eskom has warned that it would only be able to reduce the risk of load shedding by September, meaning a significant portion of electricity-dependent economy will take a while to rebound.

7. Umgeni chief Thami Hlongwa resigns, just weeks before annual results

The chief executive of South Africa’s second-largest water utility Umgeni Water, Thami Hlongwa, has resigned with immediate effect this week just weeks before the entity’s release of its annual performance results.

BUSINESS REPORT ONLINE

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