South African business confidence has plunged due to the impact of the coronavirus pandemic, with companies even more pessimistic now than at the height of disinvestment during apartheid.
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Asset manager Ninety One has launched a R10-billion fund, in partnership with a private equity firm, that will target investments in South African businesses struggling due to the coronavirus outbreak.
The rand traded at its strongest in 11 weeks against the dollar in early trade on Wednesday, as investor appetite for riskier assets improved on prospects of a swift global economic rebound.
The ANC and business leaders are heading for a showdown over how to revive an economy ravaged by the coronavirus and a two-month lockdown to curb its spread.
Stocks were supposed to be mired in a bear market after they plunged in March as the coronavirus pandemic shut business and sent unemployment to its highest rate since the Great Depression. Except they aren’t.
JSE-listed international technology group Datatec has reported strong full-year results for the year ended February 2020, though the good performance happened before the impact of the Covid-19 pandemic.
A Facebook rally pushed shares of the social media company to a record on Wednesday. Facebook rose as much as 6% to $230.33, extending a winning streak to the fifth consecutive day.
The US senate overwhelmingly approved legislation on Wednesday that could lead to Chinese companies such as Alibaba Group and Baidu being barred from listing on US stock exchanges.
Naspers has agreed to invest R100-million in South African agriculture-technology start-up Aerobotics, which uses artificial intelligence and drone and satellite imagery to help farmers manage crop health and predict crop yields.
Cartrack believes it is in a good position to weather the Covid-19 storm provided it does not go on indefinitely, and is still planning a huge investment in Europe.