BizBriefing: Santam knocked in hospitality insurance blow; excon lifts for ETFs; CR chats to Biden; Tesla soars

By Jackie Cameron

  • In a massive victory for the thousands of smaller hospitality and tourism businesses forced to shutdown in the Covid-19 lockdowns, the Western Cape High Court has ordered insurance giant Santam to pay a hotel group’s claims in full plus legal costs. Santam is among the insurers refusing to pay up for business interruption, even though policies included cover for infectious or notifiable diseases. Santam may take the battle to the Supreme Court of Appeal. Santam shed more than 5% of its value by late Wednesday.
  • Although the ANC government has progressively relaxed exchange control regulations, South Africans have been forced to invest 70% of savings for retirement domestically. This 30% offshore cap has effectively been lifted for Exchange Traded Funds, removing one of the biggest drivers of financial emigration. For more on how this change widens access to international markets, see where you can also sign up for the BizNews Finance Friday webinar, at noon, to hear more.
  • President Cyril Ramaphosa has spoken to US President-Elect Joe Biden, on Tuesday 17 November, during which the leaders discussed ways to strengthen US-Africa relations and overcome the Covid-19 pandemic. President-Elect Biden and Vice-President-Elect Kamala Harris have identified Africa as a major player in international affairs, the President said.
  • South Africa-born tech giant Elon Musk’s net worth jumped more than $15 billion after it was announced that Tesla would join the S&P 500, pushing him past Facebook chief Mark Zuckerberg to become the world’s third-richest person. The Wall Street Journal says analysts expect the addition to further boost Tesla’s highflying shares because some $11 trillion in mutual funds and other investments track the S&P 500 and will be obliged to buy the stock.
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