7 things you need to know today, Newsline

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

1. Rand rallies as markets position for a Joe Biden presidency

The rand rallied as markets again positioned for a Biden presidency amid a tumultuous United States electoral race.

2. Sappi swings into loss of R2.17 billion for the year to end of September

Sappi yesterday swung into a full-year loss of $135 million (R2.17 billion) for the year to end September, reversing a profit of $211m compared to last year as the global diversified pulp and paper company felt the impact of Covid-19 outbreak in its operations.

3. Curbs, loss of incomes continue to hurt SA fashion retailers

Lockdown curbs to stop the spread of the Covid-19 pandemic exacerbated by loss of incomes are expected to continue to hurt South Africa’s major fashion retailers in the near term.

4. Cell C’s losses widen to R7.6 billion in first half

Cell C reported a R7.6 billion loss and saw subscriber numbers tumble in the first half of the year as South Africa’s fourth biggest mobile operator tried to shift away from unprofitable customers to boost returns.

5. Ramaphosa urges new council to work quickly on rescuing struggling SA state firms

South African President Cyril Ramaphosa wants a council he appointed in June to work quickly towards repositioning struggling state-owned enterprises as effective instruments of economic transformation and development, his office said late on Thursday.

6. Shut-down at facility to affect Amplats earnings

Anglo American Platinum (Amplats), the world’s second-biggest platinum group metals (PGM) supplier, said yesterday that the decision to again shut its processing facility in Rustenburg would likely have a R6 billion effect on earnings before interest taxation, depreciation and amortisation (Ebitda) for 2020.

7. RDI reintroduces its annual dividend and declares a R1.04 payout

London Stock Exchange-listed UK Reit, RDI, which has a secondary JSE listing, has reintroduced a dividend and declared a 5 pence (R1.04) payout for the year to August 31, in spite of the impact of the pandemic on earnings and valuations, and new Covid-19 restrictions.