Compiled by Dhivana Rajgopaul
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. EXPLAINER: What is the Medium Term Budget Policy Statement?
As South Africans wait with bated breath for the much anticipated Medium Term Budget Policy Statement (MTBPS)for 2020, we relay the importance of this annual speech and what it actually means.
2. 'Skewed market structure main cause of ineffective competition'
The Competition Commission has alleged that there was overwhelming evidence that South Africa suffered from ineffective competition due to the skewed market structure which perpetuates dominance of Vodacom and MTN.
3. Rand gains slightly ahead of MTBPS
The South African currency rose somewhat as external tailwinds countered concerns surrounding the domestic fiscal position ahead of a pivotal policy address today according to NKC Research.
4. African Bank to retrench staff because Covid-19 hurt profitability in operations
African Bank said yesterday that it planned to retrench a third of its workforce to contend with Covid-19 and the slowdown in business volumes that has affected its profitability in its operations.
5. Santova’s shares surge on double-digit growth in interim earnings
Santova’s shares surged 15percent on the JSE yesterday after it reported double-digit growth in earnings for the six months to the end of August, boosted by the diversification of its operations.
6. DRDGold considers declaring an interim dividend
DRDGold, a world leader in the recovery of the metal from the retreatment of surface tailings, would consider declaring an interim dividend in February, the group said yesterday.
7. Mboweni faces his toughest budget test
Finance Minister Tito Mboweni today faces his biggest budget conundrum as he tables his Medium-Term Budget Policy Statement (MTBPS) in the midst of the Covid-19 pandemic and a stagnant economy.
BUSINESS REPORT ONLINE