Today’s business update — and why you will soon be able to buy stuff via WhatsApp
From Business Insider South Africa:
1. The rand has been on a bit of a roll this week – it gained almost 3% in recent days, and was trading at R16.25/$ this morning. Global investor appetite for riskier assets, like the SA currency, received a boost yesterday amid renewed optimism about a $2.2 trillion economic relief bill in the US.
2. Eskom has warned of continuing stage 1 and 2 load shedding in the near future. This is due to urgent repairs which are needed at its coal-fired power stations, most of which are past midway of their operational life.
3. In a production update for the quarter to end-September, Amplats says its total output of 1,112,900 ounces was 2% lower than last year. Platinum production was down 2%, while palladium production was flat.
4. The fishing group Oceana expects its profit for the year to end-September to climb by as much as 18% thanks to strong demand for its products, which are predominately consumed at home. Oceana owns Lucky Star, among other brands. Its fish catches also improved.
5. The CEO of Umgeni Water - the second largest water board in the country – resigned yesterday with immediate effect. It’s not clear why Thamsanqa Hlongwa quit. Nomalungelo Mkhize, the current Chief Financial Officer, will be assume the position of acting CEO.
Graph of the day:
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