Compiled by Dhivana Rajgopaul
CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Increase in impairments causes Nedbank profit slump
Nedbank’ profits slumped almost 70 percent in the six months to the end of June as impairment charges surged 202 percent to R7.68 billion on Covid-19.
2. Distell reports 64% profit drop after virus booze ban
Distell on Thursday suspended dividends as full-year profit fell 64% following restrictions on alcohol sales in its home market as part of coronavirus-related curbs.
3. Rand fails to follow through on a strong start to the week
The rand failed to follow through on a strong start to the week, retreating somewhat to pause a two-day rally according to NKC Research.
4. SARB poised to keep interest rates on hold as inflation quickens
The South African Reserve Bank (SARB) is expected to keep interest rates on hold in the fourth quarter, despite an uptick in fuel prices and municipal tariffs pushing inflation to a four month high in July.
5. Record bullion prices create 7-fold jump in DRD’s profits
DRDGold is preparing to report a seven-fold jump in profits in the year to the end of June on the back of record gold prices that have bolstered its liquidity position and offset the impact of production disruptions related to the Covid-19 pandemic.
6. Bidcorp shares on the rise as it focuses on likely ’new normal’
Bid Corporation's (Bidcorp's) share price rose more than 7 percent after the international food service business said it had seen the market rebound in June, with overall activity levels returning to 85 to 90 percent of pre-Covid-19 levels.
7. Vast majority of households still feeling financial impact of Covid-19
The vast majority of households are still struggling under the financial impact of the Covid-19 crisis, with 77 percent of them saying that their household income has been negatively affected.
BUSINESS REPORT ONLINE
