Allan Gray shake-up; SAA; SA current account surplus; Astron Energy Cape Town deaths
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In today's news headlines:
* SAA has been a significant drain on state coffers, requiring billions of rands of bail-outs, but the Department of Public Enterprises (DPE) says shutting South African Airways will cause severe hardship. African countries have lost almost $55bn in travel and tourism revenues in three months due to the coronavirus pandemic, and some airlines are not likely to survive;
* South Africa recorded its first current account surplus in 17 years in the first quarter of 2020 as the trade balance more than doubled, central bank data showed on Thursday;
* Two people were killed on Thursday in an explosion at Glencore-owned Astron Energy’s 100,000 barrel per day refinery in Cape Town, the company said as it promised a full investigation;
* There’s been a shake-up at Allan Gray, South Africa’s largest privately owned asset manager, starting with a new Chief Investment Officer; and
* Tesla has overtaken Toyota as the world’s most valuable automaker. Shares of Tesla, which have more than doubled since the start of the year, climbed as much as 3.5% in intraday trading Wednesday, giving it a market capitalisation of $207.2bn, surpassing Toyota’s $201.9bn, says Bloomberg.
* SAA has been a significant drain on state coffers, requiring billions of rands of bail-outs, but the Department of Public Enterprises (DPE) says shutting South African Airways will cause severe hardship. African countries have lost almost $55bn in travel and tourism revenues in three months due to the coronavirus pandemic, and some airlines are not likely to survive;
* South Africa recorded its first current account surplus in 17 years in the first quarter of 2020 as the trade balance more than doubled, central bank data showed on Thursday;
* Two people were killed on Thursday in an explosion at Glencore-owned Astron Energy’s 100,000 barrel per day refinery in Cape Town, the company said as it promised a full investigation;
* There’s been a shake-up at Allan Gray, South Africa’s largest privately owned asset manager, starting with a new Chief Investment Officer; and
* Tesla has overtaken Toyota as the world’s most valuable automaker. Shares of Tesla, which have more than doubled since the start of the year, climbed as much as 3.5% in intraday trading Wednesday, giving it a market capitalisation of $207.2bn, surpassing Toyota’s $201.9bn, says Bloomberg.
