Picture: Reuters/Mike Segar
Picture: Reuters/Mike Segar

7 things you need to know today

By Dhivana Rajgopaul Time of article published Nov 23, 2020

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

1. New ratings push SA deeper into junk zone

Business called on the government to urgently implement structural reforms and said the time for talking was over as South Africa fell deeper into junk territory on Friday after Moody’s Investors Service and Fitch Ratings downgraded the country’s credit ratings and maintained a negative outlook on Friday.

2. Ramaphosa lobbies for debt repayment suspension

President Cyril Ramaphosa has lobbied G20 member states to persuade multilateral development banks to suspend debt repayments further to help emerging countries resuscitate their economies.

3. PIC’s assets under management rise by R187 billion in the quarter to September 2020

The Public Investment Corporation (PIC) announced on Friday that its assets under management (AuM) had increased by R187 billion in the six months to September, compared with the year to March 2020.

4. Declaration on crypto assets welcomed

Luno, the biggest cryptocurrency group in South Africa, welcomed the publication by the Financial Sector Conduct Authority (FSCA) on Friday of a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services (FAIS) Act.

5. Tiger Brands’ operations take R400m hit from Covid-19-related costs

Tiger Brands’ operations suffered indirect and direct Covid-19-related costs of about R400 million in the year to the end of September.

6. Rand trades firmer overnight

The South African currency steadied ahead of pivotal credit rating reviews, propped up by global risk sentiment surrounding vaccine trials according to NKC Research.

7. 2015 sale of 10 million barrels of CEF oil invalid

The High Court ruled on Friday that the 2015 sale of 10 million barrels of oil from the nation’s strategic reserves was invalid.

BUSINESS REPORT ONLINE

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