CR says he’s got a plan to save SA economy; Covid-19 lockdown lifts; Sibanye; Woolies

By Jackie Cameron

  • South Africa’s Covid-19 restrictions ease from midnight, with the bans on alcohol and tobacco sales lifted and interprovincial travel allowed. President Cyril Ramaphosa says there are plans underway to breath life into the struggling economy. Listen to him share how he has pulled together a team to focus on job creation and protection and get South Africa to where it was before the pandemic. South Africa reports 105,000 active Covid-19 cases – and the president says the country has moved past the peak. For more on the new rules under lockdown level 2, and President Ramaphosa’s full speech and highlights, see BizNews.com.
  • Sibanye-Stillwater shareholders are bracing for a massive jump in earnings, thanks to the soaring gold price, depreciating rand and improved operational efficiency. Gold miner Sibanye-Stillwater is set for 3,780% increase in earnings, it told investors on Friday. Soaring gold prices, improved operational efficiency in South Africa and a depreciating rand have all contributed to the turnaround.
  • South African retailer Woolworths said on Friday its profits for the 52-weeks to June 28 could plunge by as much as 70% due to the impact of the coronavirus crisis, high tax rate, and adoption of IFRS 16 accounting standards. Woolworths said its headline earnings per share (HEPS) – the main profit measure in South Africa- would fall by between 60% and 70% compared to the 342.9 cents it reported a year earlier, reports Reuters. The owner of David Jones in Australia also impaired the carrying value of certain store assets, which will only negatively impact earnings per share and not HEPS, says the news agency.
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