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Phumelela ex-CEO Rian du Plessis says creditors would be wrong to accept an apparent lifesaving offer from wealthy horsebreeder and owner Mary Oppenheimer.
UK bookmaker Betfred has offered up to R925m for South Africa’s Phumelela Gaming and Leisure, which is currently in business rescue.
On Wednesday, Nedbank reported a 70% profit hit as bad-debt provisions and a slowdown in client activity hit its bottom line.
Nedbank’s chief financial officer Raisibe Morathi, who led a team of 900 people, has resigned to join Vodacom in a similar position.
Covid-19 update: 1,353 confirmed cases in South Africa, the Minister of Health Dr Zweli Mkhize said late on Tuesday.
SA banks will help at least 80% of customers, and those who have kept up with debt repayments until now, according to a bank survey.
Financial markets and the rand could be volatile as the news of a ratings downgrade is absorbed. The decision by Moody’s could not have come at a worse time.
As the confirmed cases of Covid-19 in South Africa head towards 1,000, the country has gone into a national lockdown for 21 days.
South Africa’s central bank launched a bond-buying programme Wednesday, as it followed other countries in quantitative easing measures to support banks.
Supermarkets have been inundated by shoppers as South Africa braces for a three-week lockdown aimed at curbing the spread of the coronavirus.