Latest Business News: Bitcoin Continue with its Surge as it hits New All-time High

Bitcoin set a new all-time high on Monday, trading above $19,700 for the first time in three years. The digital token was trading up 8% at $19,843 on Monday afternoon, exceeding a previous record of $19,783 set in December 2017.

“The Bitcoin correction didn’t last long, with the cryptocurrency having sights set on new highs once again, with $20,000 the ultimate goal in the short-term,” said Craig Erlam, a senior market analyst at OANDA. “A move into uncharted territory and the psychological boost that would come with a move like this could propel Bitcoin aggressively higher.”

Some clients struggling as retrenchments increase, Standard Bank warns    

In a trading update, Standard Bank says its group headline profit will be down more than 20% for the year to end-December. This indicates a strong recover in the past few months – in the first nine months of the year, its profit was down 39%. 

It still hasn’t decided yet whether it will pay a final dividend for the year. 

Clients who represent some 8% – or R47 billion – of its total credit portfolio in personal and business banking are still receiving relief for payments. This is down from 18% at the end of June. Approximately 80% of the current client relief portfolio is for home loans and vehicle finance.

Barloworld suffers loss, despite strong equipment sales growth overseas

The logistics and fleet management company Barloworld saw its revenue fall by 17% to below R50 billion, while it suffered a normalised headline loss for 30c per share from the year, versus a profit of R11.67 last year. The company cut overhead costs by more than R400 million.

Barloworld, which distributes CAT equipment, says its equipment sales fell 14% – but fared better than expected. Its equipment division in Europe and Asia saw revenue rise by 22% thanks to strong mining sales, particularly in the gold sector.

Gordhan v. Moyane at state capture hearing

Big day at the state capture commission, with finance minister Pravin Gordhan due to be cross-examined by former SARS Commissioner Tom Moyane’s advocate. The cross examination is expected to focus on whether Moyane was part of state capture – as Gordhan claimed in the past. Gordhan was previously scheduled to appear at the commission, but failed to pitch, claiming “cabinet commitments”, which left the commission’s chairperson, Deputy Chief Justice Raymond Zondo, fuming.

Business Insider SA

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