Photo: Supplied
Photo: Supplied

7 things you need to know today

By Dhivana Rajgopaul Time of article published Nov 18, 2020

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

1. Rand softens as markets prepare for Sarb meeting

The South African rand ebbed as traders closed out long positions ahead of the Sarb rates decision and global risk-on sentiment lost some momentum.

2. WBHO: from R549m profit to R508m loss

Wilson Bayly Holmes- Ovcon (WBHO) struggled with two loss-making projects in Australia and the Covid19 pandemic, and headline earnings per share fell by 200 percent to a loss of 937 cents a share in the year to June 30. A loss of R508.1 million compared with a R549m profit the previous year. Revenue increased by 6 percent to R43 billion.

3. State to procure 2 000MW of extra energy

Mineral Resources and Energy Minister Gwede Mantashe has said that the government has undertaken the procurement of an additional 2 000 megawatts of energy to create a conducive environment for the country as an investment destination.

4. ‘World platinum demand will outstrip supply’

The World Platinum Investment Council (WPIC) yesterday projected an annual deficit of the metal this year and next year, with demand expected to outstrip supply on the back of ongoing processing disruptions in South Africa and mine closures due to the Covid-19 pandemic.

5. Stor-Age in exploratory relationship with ‘last mile’ software firm Picup

Stor-Age Property Reit, the leading self-storage company in South Africa with operations in the UK, has entered into an exploratory relationship with Picup, a logistics software company that does “last mile” delivery solutions with crowd-sourced drivers.

6. Small businesses set to cash in quick on #PayIn30

A new initiative, #PayIn30, has been launched in an effort to ensure that small and medium-sized businesses (SMEs) in South Africa are paid within 30 days.

7. RFG gets ready to close its KZN pie and pastry operation

RFG, previously Rhodes Food Group, said yesterday that it was planning to rationalise certain commercial operations and close its KwaZulu-Natal (KZN) pies and pastries business at the end of the month in an effort to cut costs and create efficiencies.

BUSINESS REPORT ONLINE

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