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7 things you need to know today

Photographer: Phando Jikelo/African News Agency(ANA)

Photographer: Phando Jikelo/African News Agency(ANA)

Published Oct 15, 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.

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1. UIF TERS benefits extended for another month

The Minister of Employment and Labour has announced the extension of the Covid-19 Temporary Employer-Employee Relief Scheme (TERS) benefits until the end of the national state of disaster.

2. Standard Bank is bulking up to fend off fintech rivals

Standard Bank Group Ltd., Africa’s largest lender by assets, is planning to scale-up some of its operations on the continent and further digitize its systems to fend off fintech firms encroaching on its client base.

3. Sales in SA improve, but are still in contraction

Retail sales continued to improve although they remained in contractionary territory in August as the further easing of the lockdown restrictions during the month spurred shopping activity.

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4. Uber launches medicines delivery service in South Africa

Uber Eats' South African unit on Thursday expanded delivery offerings, launching an app-based over-the-counter medicines service as it seeks to claw market share in the fast-growing online shopping sector in Africa's most industrialised economy.

5. Rand attempts to recover early losses

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The South African currency attempted to recover early losses in another volatile trading session yesterday according to NKC Research.

6. Telkom cries foul over Rain, Vodacom spectrum deal

Partially state-owned Telkom has approached the Competition Tribunal, claiming Vodacom’s spectrum agreement with Rain constituted a merger, and should be subjected to scrutiny by the competition authorities.

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7. Mboweni forced to put brakes on MTBPS

Finance Minister Tito Mboweni decided to postpone the tabling of his mini-Budget by a week over an intense balancing act in government between spending and expenditure.

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