Coronavirus ripples, Rand punished; Eskom plans; Gangs raid gold mines; Tshwane mayor quits
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In today's business headlines:
- The rapid spread of the coronavirus pandemic will loom large in the minds of economists in the coming days as the number of global cases soar and the impact on commerce spreads. More than two-thirds of China’s economy will remain closed as the virus and disruption could spread further;
- The Rand tumbled to a new 12-week low on Friday as the coronavirus and power cuts continue to weigh on the currency. The Rand fell to R15 for a US dollar and R19.82 to British sterling on Friday;
- Cosatu will present its proposals to rescue Eskom to senior members of government and the business community today. Meanwhile stage 2 load shedding will continue this morning;
- Gold mine gangs toting Ak-47s are becoming a problem for mining companies with Bloomberg reporting that they are outgunning the South African Police. There were 19 attacks on gold facilities last year, almost double the number of 2018; and
- The Mayor of Tshwane municipality Stevens Mokgalapa said he will resign this month to end political wrangling over his continued presence in office.
- The rapid spread of the coronavirus pandemic will loom large in the minds of economists in the coming days as the number of global cases soar and the impact on commerce spreads. More than two-thirds of China’s economy will remain closed as the virus and disruption could spread further;
- The Rand tumbled to a new 12-week low on Friday as the coronavirus and power cuts continue to weigh on the currency. The Rand fell to R15 for a US dollar and R19.82 to British sterling on Friday;
- Cosatu will present its proposals to rescue Eskom to senior members of government and the business community today. Meanwhile stage 2 load shedding will continue this morning;
- Gold mine gangs toting Ak-47s are becoming a problem for mining companies with Bloomberg reporting that they are outgunning the South African Police. There were 19 attacks on gold facilities last year, almost double the number of 2018; and
- The Mayor of Tshwane municipality Stevens Mokgalapa said he will resign this month to end political wrangling over his continued presence in office.
