SA consumer sales 'disaster' - economist; car sales plunge; Comair goes bust; Phumelela near collapse; Caxton woes
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In today's news headlines:
* South African new car sales plunged to a record low in April. National Association of Automobile Manufacturers of South Africa data show only 105 cars were sold in April, a drop of 99.6%, reports Bloomberg;
* Mike Schussler, chief economist at Economists.co.za, says consumer spending - which makes up about 60% of Gross Domestic Product - will be a "disaster" this year;
* South Africa’s tax revenue losses could be as much as R285bn
in the current fiscal year, the commissioner of the revenue services said on Tuesday in a parliamentary briefing; and
* Covid-19 containment has taken down more businesses, with airline Comair entering voluntary business rescue, gaming player Phumelela warning it may be heading the same way soon and media company Caxton giving up on its magazine titles.
* South African new car sales plunged to a record low in April. National Association of Automobile Manufacturers of South Africa data show only 105 cars were sold in April, a drop of 99.6%, reports Bloomberg;
* Mike Schussler, chief economist at Economists.co.za, says consumer spending - which makes up about 60% of Gross Domestic Product - will be a "disaster" this year;
* South Africa’s tax revenue losses could be as much as R285bn
in the current fiscal year, the commissioner of the revenue services said on Tuesday in a parliamentary briefing; and
* Covid-19 containment has taken down more businesses, with airline Comair entering voluntary business rescue, gaming player Phumelela warning it may be heading the same way soon and media company Caxton giving up on its magazine titles.
