CAPE TOWN - Good morning. This is all the latest business news that you need to know today.
1. Kumba lowers its sales and production guidance on Covid-19
Kumba Iron Ore, the producer of the steel making ingredient, has lowered its sales and production guidance for the 2020 financial year underscoring the impact of the Covid-19 disruptions.
2. Altron shares cash on demerger news
Altron crashed more than 70 percent on the JSE, wiping more than R7 billion off its market cap yesterday after it forged ahead with the demerger of Bytes Technology Group (Bytes UK) from its portfolio.
3. Government puts in R1bn to give the Covid-hit agricultural industry a boost
The government has set aside a R1 billion employment stimulus package for small-scale and subsistence farmers whose production was disrupted by Covid-19.
4. Nepi Rockcastle disposes of its shares in URW
Nepi Rockcastle said yesterday that it had sold the shares it owned in the listed group Unibail Rodamco Westfield (URW).
5. SA remains vulnerable to liquidity shocks despite the strenthening rand
South Africa’s international liquidity position remained vulnerable to currency fluctuations last month as gross reserves increased modestly though net foreign reserves edged lower.
6. SA production of hand sanitisers earns export revenues of R1.6bn
Local production of hand sanitisers had contributed to saving lives in South Africa and had so far earned export revenues of R1.6 billion for the country, Trade, Industry and Competition Minister Ebrahim Patel said yesterday.
7. Rand oscillates near R15 against the dollar
The South African currency oscillated in cautious anticipation of a busy economic calendar this week, which will be dominated by the Q3 GDP print according to NKC Research.
BUSINESS REPORT ONLINE
