Photograph; Phando Jikelo/African News Agency(ANA)
Photograph; Phando Jikelo/African News Agency(ANA)

7 things you need to know today

Time of article published Oct 27, 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. IDC suffered R22bn set back in Sasol rout

The Industrial Development Corporation (IDC) has revealed that it suffered a R22 billion impact when the price of Sasol shares collapsed in March as a result of the oil price war.

2. GBK keeps on knocking Famous Brands

Famous Brands, Africa’s leading food services franchisor, said yesterday that it slid into a first-half loss as the trading restrictions and poor performance by Gourmet Burger Kitchen (GBK) continued to knock its performance.

3. Telkom wants Icasa to investigate roaming deals of rivals MTN, Vodacom

Partially state-owned mobile operator Telkom yesterday urged the Independent Communications Authority of South Africa (Icasa) to investigate the roaming deals of rivals MTN and Vodacom, charging that effective competition was absent from the telecommunications sector.

4. Rand inches firmer

The South African currency oscillated ahead of a stacked economic calendar, both at home and abroad, against a global risk-off mood backdrop fuelled by dwindling potential for new fiscal stimulus, United States election risk and a sharp rise in global coronavirus cases according to NKC Research.

5. MTBPS: Tito Mboweni must aim to cut debt, says DA

Finance Minister Tito Mboweni should show a credible path to debt stabilisation and in the longer term to debt reduction, DA MP Geordin Hill-Lewis said on Monday.

6. UCT the only Financial Times ranked MBA school in Africa

The University of Cape Town Graduate School of Business (UCT GSB) is the only business school in Africa to feature in the prestigious Financial Times Rankings for its ground-breaking Executive MBA programme.

7. Inflated power plant contracts forced Eskom to delay annual results

Eskom Holdings SOC Ltd., the indebted South African state power utility, will announce its annual results this week after a three-month delay.


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