5 important things happening in South Africa today

Here’s what is happening in and affecting South Africa today:

  • SA Express is fighting back against a court application to force it into business rescue. The airline admitted that it owes money to a number of creditors, but says it has a plan to pay – specifically, it has been given confirmation from government that R164-million has been made available for the 2020/21 year, and that it is in the process of finding private equity partners. Like its sister airline, SAA, SA Express is facing financial pressures. [ENCA]
  • South Africa’s rand plunged to a one week-low while stocks sank by more than two percent on Monday as the outbreak of a deadly virus in China worsened, dimming demand for risk assets globally. Fears around the potential economic damage of the coronavirus outbreak intensified as the death toll rose to 81, with investors fretting over the impact on travel, tourism and broader economic activity. On Tuesday the rand was at R14.60 to the dollar, R19.06 to the pound and R16.09 to the euro.

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5 important things happening in South Africa today