By Melani Nathan
- The Western Cape is seeing a resurgence in Covid-19 infections, lead by the Cape Metro and Garden Route districts, according to Premier Alan Winde. A short-term lockdown could be enforced for the province as a way to control the spread. The Cape Metro has seen an increase of 73% in new cases in the last week. On Friday, Winde held a strategy meeting to discuss ways the province can slow and manage the spread of Covid-19. The province’s five-point plan will be presented before the Provincial Cabinet today. “What is happening in other parts of the world, such as Australia and Singapore, is what they call a circuit breaker. The easiest way to explain it would be a mini-lockdown,” said Winde. He acknowledged that even a mini-lockdown could be disastrous for small business and the local economy.
- Public Enterprises Minister Pravin Gordhan told the Zondo Commission that former South African Revenue Service commissioner Tom Moyane actively participated in state capture activities which compromised the National Treasury. Gordhan is being cross-examined by Advocate Dali Mpofu, who is representing Moyane. Moyane was fired by President Cyril Ramaphosa for reckless mismanagement during his tenure as commissioner and for failing to comply with an internal commission to investigate allegations of wrongdoing. Gordhan said that he believed Moyane had dismantled the credibility and reputation of SARS through his decision making and actions. Visit BizNews.com for the latest updates from the Zondo Commission.
- The resilience of many South Africans has been tested by Covid-19. Small and medium-sized businesses in the formal sector have been forced to close thanks to the economic destruction caused by lockdowns. Meanwhile, large unlisted retailers are reportedly resilient amid the Covid-19 pandemic, contributing to high leasing activity in the past few months. This is according to JSE-listed real estate investment trust, Vukile Property Fund CEO Lawrence Rapp. Rapp explains that at a time when some SMEs are closing shop, large unlisted retailers are expanding. “They are nimble and a pleasure to deal with.” he says. SMEs in urban centres are under pressure, while those in the township and rural centres are faring better in comparison.
- Electric vehicle maker Tesla is set to enter the S&P 500 at ‘full weight’ this month. With the company’s market value now sitting at $538 billion, it is the sixth largest in the United States – surpassing Berkshire Hathaway, Walmart and Visa. With Musk recently becoming the second richest man in the world, will Tesla’s entry into the S&P 500 propel Musk to the wealth of Amazon CEO, Jeff Bezos? Bezos – who is currently worth $186 billion – is still some $54billion ahead of South African-born Musk. The Wall Street Journal predicts seismic shifts on the index. Full membership of the Wall Street Journal is bundled with subscriptions to BizPremium, which also includes access to a weekly webinar with top SA stock market experts, an exclusive monthly update on the top performing Biznews Share portfolio, an interactive WhatsApp group and Alec Hogg’s daily Rational Perspective newsletter.
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