Taxi app Uber will battle in court on Tuesday to win back its licence to operate in London after the city’s transport regulator removed it over safety concerns. Transport for London (TfL) refused in 2019 to grant the Silicon Valley-based company a new licence due to what it called a “pattern of failures” on safety...
Category: <span>Business</span>
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Finance Minister Tito Mboweni predicts Mzansi economy to shrink by 7% in 2020
South Africa’s economy will likely contract this year by more than the 7% previously forecast by the Treasury, Finance Minister Tito Mboweni said in an opinion piece published on Sunday. Gross domestic product shrunk by a record 51% in the second quarter, its fourth quarterly contraction in a row, as a strict lockdown to curb...
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Fossil fuel demand to take historic knock amid COVID-19 scars – BP
Fossil fuel consumption is set to shrink for the first time in modern history as climate policies boost renewable energy while the coronavirus epidemic leaves a lasting effect on global energy demand, BP said in a forecast. BP’s 2020 benchmark Energy Outlook underpins Chief Executive Bernard Looney’s new strategy to “reinvent” the 111-year old oil...
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Capitec Bank users are crying over double deductions on their accounts due to tech glitch
A technical glitch has lead to thousands of Capitec clients waking up on Friday morning to find additional deductions from their accounts without their consent. Messages and photos have been posted on social media platforms this morning of people complaining about money being taken without their approval. Capitec said that it was still trying to...
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Today’s Top Business Stories: Medupi belt fixed, Harmony suffered loss despite record gold price
Harmony to suffer loss despite record gold price Harmony Gold has warned that it will suffer a headline loss for the past year. This is despite an increase in revenue thanks to a much stronger gold price.The weaker rand hit its dollar-denominated debt, and it also suffered a loss on a derivative contract. Bidvest warns of...
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Black Business Council to give Ramaphosa plan to deal with SA GDP slump
Black Business Council president Sandile Zungu reflects on the country slipping deeper into recession. South Africa has slipped deeper into a recession, with Stats SA on Tuesday announcing that the economy shrank by 16.4% from the first quarter to the second quarter of 2020. The country’s economy was already under pressure before the commencement of...
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Today’s business update — and why the SA economy didn’t shrink by 51%
1. South Africa’s economy shrank by more than 16% from the first quarter to the second quarter – and was 17% smaller than in the second quarter of 2019, worse than economists feared. The rand slumped in reaction, and was last trading at R16.93/$. The Reserve Bank may cut rates even further next week in reaction...
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South Africa’s Stocks Rebound From Worst Week Since March on Gold Boost
South Africa’s main equities index was 0.9% higher as of 9:25 a.m. as global stocks mostly stabilized after a tech-led selloff. Gains in gold miners on Monday helped the Johannesburg benchmark rebound from its worst week since March. Bullion prices steadied as investors weighed the recent slide in equities against hopes for an economic recovery....