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.
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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.
South African business confidence slumped to all-time low in April in a clear sign of the economic impact of of a nationwide lockdown seeking to curb the spread of the coronavirus pandemic.
Unprecedented demand for online services and entertainment during Covid-19 pandemic lockdowns, along with a scramble for haven investments, have helped set South African stocks on course for a record month.
Finance minister Tito Mboweni said the South African economy could contract as much as 6.4% this year due to the coronavirus outbreak and the budget deficit could swell to more than 10% of GDP.