State Enterprises Council to advise government on how to manage SOE’s post-COVID-19

31 May 2020, 10:13 PM
President Cyril Ramaphosa says a new State Enterprises Council will be appointed to advise the government on how to manage SOE's post-COVID-19.
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Hertz files for US bankruptcy protection as car rentals evaporate in pandemic 24 May 2020, 7:42 AM

The more than a century old car rental firm Hertz Global Holdings Inc filed for bankruptcy protection on Friday after its business was decimated during the coronavirus pandemic and talks with creditors failed to result in much needed relief.

Louw slams Cele’s warning that cigarette users need to provide proof of purchase 24 May 2020, 4:00 AM

The Free Market Foundation has slammed Police Minister Bheki Cele's warning that people who are caught with a cigarette will need to provide proof of purchase - questioning whether Cele was serious when he made the comments.

Mining companies flouting COVID-19 regulations will face consequences: Mathabatha 23 May 2020, 9:23 PM

Limpopo Premier Stanley Mathabatha says mining companies flouting COVID-19 regulations will face consequences.

Calls grow for alcohol sales ban to be lifted during Level 3 lockdown 23 May 2020, 8:20 AM

Liquor associations have called on government to urgently reopen the manufacturing, distribution, and trade of alcohol during Level 3 of lockdown.

Treasury reacts to rating action by S&P 23 May 2020, 7:19 AM

Government has noted the decision by Standard and Poor's ( S&P ) to reaffirm the country's long-term local and foreign currency debt rating at BB- and BB respectively with a stable outlook.

Wall Street Week Ahead: Investors look beyond drug makers as hunt for COVID-19 treatment heats up 23 May 2020, 5:09 AM

Investors are diversifying bets in the healthcare sector, as the rush to develop treatments for COVID-19 has driven up prices for some pharmaceutical stocks.

S&P forecasts South Africa’s economy to shrink 4.5% in 2020 23 May 2020, 1:32 AM

 S&P Global Ratings on Friday said it projects South Africa’s economy to shrink by 4.5% this year as a result of the COVID-19 pandemic that has impacted production and consumption.

Minerals Council says 85 miners have tested positive, commits to curb virus spread 22 May 2020, 6:03 PM

The Minerals Council says 85 miners have tested positive for coronavirus (COVID-19) and there has been one death from the disease caused by the virus.

George Soros says EU may not survive coronavirus crisis 22 May 2020, 1:43 PM

Billionaire financier George Soros said the European Union could break apart in the wake of the new coronavirus pandemic unless the block issued perpetual bonds to help weak members such as Italy.

Businesses will benefit from interest rate cut: FNB South Africa’s Regional Director 22 May 2020, 8:40 AM

Businesses and consumers affected by the COVID-19 pandemic will benefit from the latest interest rate cut. Regional Director at FNB South Africa, Andiswa Bata, says that the 50 basis points cut is helpful as it puts more cash back into businesses.

Reserve Bank took a cautious stance by cutting repo rate: Economist 22 May 2020, 5:51 AM

Economist Jeff Schultz says the Reserve Bank has taken a cautious stance by cutting the repo rate by 50 basis points. The move has eased the repo rate to 3.7%.

‘Risk of load shedding remains high this winter’ – Eskom 22 May 2020, 5:13 AM

Eskom is now forecasting that there will be three days of load shedding during the coming winter period, from a previous forecast of thirty days before the lockdown. Eskom CEO Andre De Ruyter says Eskom’s debt still remains high at R450-billion and the company is still not able to generate enough revenue to meet its […]

Economists welcome repo rate cut 21 May 2020, 6:51 PM

The Reserve Bank has cut the repo rate by 50 basis points following its Monetary Policy Committee meeting.

Restructuring process at Eskom under way: De Ruyter 21 May 2020, 5:09 PM

Eskom Chief Executive Officer, Andre de Ruyter says the restructuring process at Eskom is still underway. However, the 'distribution' side of the business is proving to be complex and will need more work.

VIDEO: SARB cuts repo rate by 50 basis points to 3.75% 21 May 2020, 3:02 PM

The Reserve Bank has cut the repo rate by 50 basis points following its Monetary Policy Committee meeting. This takes the benchmark rate to 3.75%, the lowest level since the repo was introduced in 1998.

Mixed expectations from economists regarding repo rate 21 May 2020, 2:41 PM

Some economists expect the Reserve Bank's Monetary Policy Committee to leave the repo rate unchanged while others have forecast a 50 basis points cut on Thursday afternoon.

Informal trade losing money due to ban on sale of cigarettes: Saita 21 May 2020, 10:54 AM

The South African Informal Traders Alliance (Saita) says the ban on the sale of cigarettes, only led to the informal trade losing their much-needed income.

Economist Maudi Lentsoane expects SARB to cut the repo rate 21 May 2020, 6:42 AM

Economist Maudi Lentsoane predicts that the South African Reserve Bank (SARB) is likely to cut the repo rate further when its monetary policy committee concludes its meeting on Thursday.

Oil prices climb as US stock drawdown eases supply glut fears 21 May 2020, 4:19 AM

Oil prices edged higher on Thursday after data showed US crude inventories fell again, easing concern about a supply glut, though lingering fears over the global economic fallout from the COVID-19 pandemic capped gains.

Dollar nurses losses as currency markets eye recovery prospects 21 May 2020, 3:52 AM

The dollar nursed broad losses on Thursday and riskier currencies held gains as investors looked to a bright recovery from the COVID-19 pandemic, shrugging off diabolical forecasts and rising Sino-US tension.

Asia shares set for early gains as focus swings to recovery 21 May 2020, 2:26 AM

Asian shares were poised to open higher on Thursday after global equities and crude prices rallied overnight on hopes of a rapid economic recovery and government support.

South African retailer Edcon can be saved: administrators 20 May 2020, 9:40 PM

Administrators in charge of South African department store operator Edcon believe there is a reasonable prospect of saving the company after filing for a form of bankruptcy protection in April.

Public Enterprises wants SA Express provisional liquidation resolved 20 May 2020, 9:16 PM

The Public Enterprises Department says the process of provisional liquidation of the South African Express must be resolved as soon as possible for the benefit of workers who are not earning salaries.

COVID-19 pandemic results in more job losses 20 May 2020, 5:18 PM

More South Africans have lost their jobs and income as a result of the COVID-19 pandemic. This is according to a survey by Stats SA called Wave 2 that looked in to the impact of COVID-19 on employment, income and hunger.

Reserve Bank expected to cut repo rate 20 May 2020, 4:49 PM

The Reserve Bank is largely expected to cut the repo rate again this week. The Monetary Policy Committee is meeting and is expected to announce its decision on Thursday.

Govt urged to review restrictions on private construction sector 20 May 2020, 1:20 PM

Western Cape MEC for Finance and Economic Opportunities, David Maynier, has called on national government to urgently review the restrictions on the private construction sector, in an effort to avoid a total national collapse.

SABC to ask government for budget review due to COVID-19 20 May 2020, 11:48 AM

The South African Broadcasting Corporation (SABC) says it will ask government for a review of its budget for this financial year, due to an expected steep shortfall in revenue as a result of the coronavirus pandemic.

Business Rescue Practitioners say Comair can possibly be rescued 20 May 2020, 11:37 AM

The Business Rescue Practitioners for embattled Comair, Shaun Collyer and Richard Ferguson, believe there are prospects for the airliner to be rescued. The practitioners met with creditors and employees to discuss the future of the airline.

Travel agents deny cash refunds for cancellations 20 May 2020, 9:35 AM

Travel agents say they have no choice but to deny cash refunds to those who have cancelled their travel plans.

Asian stocks adrift as vaccine rally falters 20 May 2020, 5:17 AM

MSCI’s broadest index of Asia-Pacific shares outside Japan was flat.