Picture: Mike Hutchings
Picture: Mike Hutchings

7 things you need to know today

Time of article published Oct 14, 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. PSG Group warns its shareholders of an impending swing into loss

Listed investment holding company PSG Group yesterday warned its shareholders that it would swing into a first half loss on fair value losses in the share prices of its listed investments.

2. IMF's economic outlook for SA still bleak

The International Monetary Fund (IMF) has left its economic forecast for South Africa unchanged, but warned that the country’s unemployment rate would rise to an unprecedented level.

3. Rand in holding pattern, remains range bound

Get the latest market update and top stories from our newsrooms across South Africa, Africa and the world.

4. Government subsidies result in higher fuel costs

Coal-based fuels produced by petrochemicals giant Sasol’s Secunda plant received about R8billion in government support during 2019.

5. Mboweni had to adjust his medium-term budget due to Covid hit economy

Finance Minister Tito Mboweni has written to Parliament requesting the Speaker of the National Assembly to enable him to postpone the medium-term budget by a week.

6. Tito Mboweni asks Parliament to postpone mini budget

Finance Minister Tito Mboweni has asked Speaker Thandi Modise to postpone next week's Medium-Term Budget Policy statement.

7. Banks assist 84% of South Africans who applied for financial assistance

South African banks had received 3 196 403 individual applications for assistance up to September 12 and granted assistance to 2 687 320, or 84 percent, of the individual customers who applied, the Banking Association of South Africa (Basa) managing director Bongiwe Kunene said this week.

BUSINESS REPORT ONLINE

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