CAPE TOWN – Good morning. This is all the latest business news that you need to know today.
Industrial producers are set for a tough trading period in the near term due to a recessionary economic environment despite prices rising more than expected in August.
Ratings agency Moody’s yesterday warned that South Africa’s sovereign credit rating could be pushed further into sub-investment territory, as public debt was growing at an alarming rate.
Liberty Two Degrees (L2D) yesterday welcomed the easing of the lockdown to level 1 after the real estate investment trust (Reit) said its operations were severely hampered by Covid-19 in the first half of the year.
Alviva Holdings surged more than 10 percent on the JSE yesterday after the group declared a final dividend of 15cents a share for the year to end June despite a 50percent fall in earnings.
The rand whipsawed throughout yesterday’s session, as Moody’s expressed concerns over South Africa’s post coronavirus economic recovery according to NKC Research.
Diversified investment holding company Remgro said yesterday that its full-year profits tumbled nearly 70 percent during the year to end June, hurt by the Covid-19 outbreak.
The gap between the rich and the poor widened further last year with South Africa retaining its position as the 38th richest country for the second consecutive year.
BUSINESS REPORT ONLINE