Today’s business information – and why SA approached the ban on bad coffee

1. After a stormy week, the rand is back to R16.23 / $ this morning, after weakening to 16.48 rand after a medium-term budget.

2. Business for the Republic of South Africa has criticized the announced decision of the Coronavirus Command Council against the extension of the Temporary Employers / Employees Exemption Scheme (TERS). The body representing business interests said its investigation had found that one billion R51 were still available in the Unemployment Insurance Fund and that it could retain benefits until the end of December.

3. Comair, which has been on rescue since May, has received approval from the Competition Court for a merger with a new business created by former directors and CEOs. Following the merger, the company – which owns and manages the British Airways franchise in SA – should be able to fly again by December.

4. Former Steinhoff Chairman Christo Wiese welcomed the news that former Steinhoff CEO Markus Jooste had been fined Rider 122 million for insider trading.

5. The Naspers Prosus subsidiary plans to spend $ 5 billion (R82 billion) on the purchase of its own shares as well as Naspers shares in the market. “Naspers’ Board of Directors believes that the purchase of Naspers N shares and the repurchase of Prosus N common stock represent a timely investment in the group’s strong online portfolio and prudent capital utilization given the full market valuation evident on consumer internet and consolidated net asset value discount in large groups , “The company stated in its statement.

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