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.
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Some of Wall Street’s biggest players are viewing the stock market’s recent tech-led selloff as a bout of turbulence rather than the start of a longer slide – and they don’t see it as a reason to run for the door.
President Cyril Ramaphosa said consensus is emerging on a plan to revive an economy mired in the worst recession since 1992.
Alviva Holdings said on Wednesday that it’s full-year headline earnings will fall by more than 50%, though it said its prospects have improved since a disappointing set of interim results earlier this year.
JSE-listed technology group Mustek reported a 9.4% increase in revenue in the year ended 30 June 2020, in spite of three months of the reporting period including the Covid-19 lockdown in South Africa.
South Africa’s GDP slumped by 51% in the second quarter of 2020 as the result of one of the hardest Covid-19-related government lockdowns anywhere in the world.
Tesla shares slumped in US pre-market trading on Tuesday after the electric vehicle maker missed out on being included in the S&P 500 Index, taking investors who had bet on its entry to the benchmark by surprise.
Thursday’s megacap tech selloff is likely just some froth coming off a hot market rather than a portent of a larger pullback to come.
In just a few hours, Zoom Video Communications CEO Eric Yuan got $4.2-billion richer after shares of his virtual-meeting company surged as much as 26% to $410 in late US trading.
The high-flying shares of Apple and Tesla rose further on Monday, as investors jumped at the opportunity to own shares at more affordable prices after the companies split their stock.