Today’s business update – and SA's new anti-emigration plan
From Business Insider South Africa:
1. The rand hit R15.61/$ after the US market continued to slump overnight, losing more than 4%. Global markets continue to be unsettled about the coronavirus, with oil slumping to its weakest level in a year.
2. Nigeria confirmed the first case of the novel coronavirus in sub-Saharan Africa. Read more.
3. Moody's gave the budget a thumbs-down, saying there is uncertainty about whether government could successfully negotiate with unions to reduce the public sector wage bill. Read more.
4. Massmart saw its profits plunge by R1.73 billion in 2019, due to disastrous trading at Game and DionWired. Its share price slumped another 5% yesterday. Read more.
5. Liberty has posted a 42% increase in headline earnings for the 2019 financial year. Read more.
Graph of the day
Utterly useless fact of the day
The demand for face masks is skyrocketing amid the global coronavirus outbreak.But according to health experts, most members of the public use their medical masks wrong. Often, people will touch their facemask to adjust it or take it off, rendering its germ-blocking potential ineffective.
According to the Centers for Disease Control and Prevention (CDC) in the US, there's another reason that these masks might not work: different kinds of facial hair that can prevent the necessary impenetrable seal from being formed. Read more.
Tweet of the day
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Also from Business Insider South Africa:
- Saudi Arabia suspends pilgrimage visits in effort to stop the spread of new coronavirus
- Very few children have been diagnosed with the coronavirus — and experts have a few guesses as to why
- The best underwater photo of the year shows Antarctic seals gliding gracefully around an iceberg
- The coronavirus has now hit every continent except Antarctica after a man in Brazil tested positive