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Business News 30.3.2020 10:17 am
Rand hits new low of R18 to the dollar as junk status bites
The Rand reached a new low against the dollar following Moody’s downgrade of the country’s credit rating to junk on Friday.
The National Treasury sees the downgrade of the country’s debt to junk by Moody’s Investors Service as an opportunity to fix the economy.
Edcon is not the only worry as other retailers consider not paying rent.
A pharmacy that was charging as much as R780 for a single face mask is under investigation.
The construction industry is very labour intensive and the lockdown is going to result in hundreds of job losses.
The board will make an announcement in due course on an interim successor during the business rescue process.
The store also extended trading hours on Wednesday and Thursday to allow customers to buy what they need before the lockdown.
The Reserve Bank’s decision could therefore appear to be a significant departure from its traditionally conservative stance.
While nobody can be certain just how much of a knock the economy will take, there is no doubt that it will be significant.
Old Mutual employees will be able to contribute to relief efforts through the staff volunteer programme.
Last week Capital Economics forecast a 2.5% contraction for the SA economy this year as a result of the impact of Covid-19. This was before President Cyril Ramaphosa announced a 21-day lockdown and the mass closure of businesses. It now seems the 2.5% contraction is on the optimistic side.
Two recent publications by the Bureau for Economic Research (BER) at Stellenbosch University show that the outlook for the SA economy was already bad in the first quarter of 2020, even before the widespread panic around the spread of the coronavirus.
Small businesses need urgent help at various levels, as they are experiencing cash flow constraints, due to payments delays.
Sanral confirmed that it intends to reissue the tender.
The group also criticised the government and ANC headquarters for using sanitisers, soaps, masks and other goods procured from white-owned companies.
Drivers will practise social distancing when doing a delivery by leaving the parcel on the floor or table close to the customer.
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