7 things you need to know today, Newsline

Compiled by Dhivana Rajgopaul

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

1. Near-80% slump in profits doesn’t deter Capitec’s outlook

Capitec said yesterday that it remained optimistic about the future, despite recording a near-80percent slump in profits during the six months to the end of August on Covid-19.

2. Switch to local production gives Foschini extra value

The Foschini Group (TFG) said yesterday that its switch in focus to local manufacturing had stood it in good stead through the lockdown and the staff complement in these operations could increase by “several thousand” from about 550 over time.

3. Rand gains on softer dollar

The South African currency clawed back overnight losses despite sombre local data yesterday according to NKC Research.

4. Sasfin profits tumble by more than 130%

Sasfin Holdings yesterday reported that its profits tumbled more than 130 percent on credit impairments and weak private equity valuations.

5. Hope for early Christmas gift from the SARB

Inflation remained muted in August on lower electricity tariffs and weak demand, raising hopes that the country may receive an early Christmas present when the SA Reserve Bank (SARB) convenes its last Monetary Policy Committee (MPC) meeting for the year next month.

6. R43million reward for Woolworths’ former chief executive Ian Moir

Woolworths (Woolies) rewarded its former chief executive, Ian Moir, with nearly R43million as part of his pay package for the year ended in June, as well as additional remuneration for contractual obligations.

7. It’s a marathon, not a sprint, says startup guru at SA Innovation Summit

The South African Innovation Summit 2020 kicked off virtually for the first time ever this week, with respected experts offering tricks of the trade to inspire and guide innovators and thought leaders.