After some WhatsApp messages began circulating claiming widespread flair-ups of more looting and violence gripping parts of KwaZulu-Natal yesterday, nothing materialised. Both Gauteng and Natal returned to normal yesterday as calm returned to the beleaguered provinces.
Counting the costs has begun with estimates running into the billions but for some of the retailers heavily affected by the unrest, they were still unable to reopen stores yesterday. Lewis kept 60 of its affected stores closed yesterday while Mr P said 109 of its stores were looted during the looting period. Pepkor said 489 of its stores were affected during the looting spree.
Meanwhile Pick ‘n Pay (-1,07%), Woolworths (-0,53%) and Shoprite (-0,55%) share prices continued to fall on the JSE yesterday.
And the Citrus Growers Association (CGA) released a statement yesterday to say that exports from Mpumalanga and Limpopo have been diverted away from Durban port to other ports due to challenges caused by the looting.
“Last week saw little impact on volumes of citrus being exported to markets including the European Union, Middle East, China and the US,” the CGA said in the statement.
Rating agency Moody’s has downgraded five of South Africa’s major municipalities to junk status due to rising liquidity pressures as a result of shortfalls in revenue collection. The affected municipalities include the City of Ekurhuleni, the City of Cape Town, the Nelson Mandela Metropolitan Municipality, the City of Johannesburg, and the City of uMhlathuze, which includes Richards Bay.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Telkom to pay employees nearly R5 million over 2017 wage agreement – Fin24
Vodacom rings up 8.3% rise in revenue as cellular giant adds 8.2 million new subscribers – Daily Maverick
Unions plead for SAA subsidiary Mango to be placed in business rescue as funds still outstanding – Fin24
Global Business
Bitcoin mining is getting easier after China’s crypto crackdown – Business Insider
China denies Microsoft hack, condemns US allies – EWN
Jeff Bezos is going to space. Here’s how to watch and what could happen if something goes wrong. – Business Insider
In-depth
Life after looting: ‘God left South Africa long ago’ – Daily Maverick
Are Bitcoin Prices Headed For Further Losses In The Short-Term? – Forbes
Instigators of violence among ‘six key arrests’, says government – Daily Maverick
Download the news aggregator app SAccess, available on Google Play and the App Store, to stay on top of business and market news from around the world.
