Rate cut unlikely; No SA coronavirus bans; Govt wants more domestic SAA routes; Nedbank pay freeze; Anglo/Sirius; Rand
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In today's business headlines:
- South Africa’s weak economic growth is due to unsustainable policies and monetary policy alone can’t fix that, Reserve Bank Governor Lesetja Kganyago said at a public lecture in Bloemfontein after calls for an interest rate cut;
- The government is not considering a travel ban because of the outbreak of the coronavirus and Health Minister Zweli Mkhize indicated that no international events would be cancelled and that ports of entry to the country would be kept open;
- Public Enterprises Minister Pravin Gordhan has expressed the hope that some of the domestic routes cancelled by South African Airways could be reinstated sooner rather than later because he did not want the airline to lose market share;
- Nedbank has frozen the salaries of 50 executives which include the group’s executive committee and its retail and investment bank divisions following a share price slump;
- Shareholders in Sirius Minerals, Britain’s biggest mining project in the North Yorkshire, have voted in favour of Anglo American’s £450m bid to buy the fertiliser maker; and
- The Rand firmed early yesterday pushed by the surprise rate cut by the U.S central bank after a sharp drop when data showed that the SA economy was in recession.
- South Africa’s weak economic growth is due to unsustainable policies and monetary policy alone can’t fix that, Reserve Bank Governor Lesetja Kganyago said at a public lecture in Bloemfontein after calls for an interest rate cut;
- The government is not considering a travel ban because of the outbreak of the coronavirus and Health Minister Zweli Mkhize indicated that no international events would be cancelled and that ports of entry to the country would be kept open;
- Public Enterprises Minister Pravin Gordhan has expressed the hope that some of the domestic routes cancelled by South African Airways could be reinstated sooner rather than later because he did not want the airline to lose market share;
- Nedbank has frozen the salaries of 50 executives which include the group’s executive committee and its retail and investment bank divisions following a share price slump;
- Shareholders in Sirius Minerals, Britain’s biggest mining project in the North Yorkshire, have voted in favour of Anglo American’s £450m bid to buy the fertiliser maker; and
- The Rand firmed early yesterday pushed by the surprise rate cut by the U.S central bank after a sharp drop when data showed that the SA economy was in recession.
