SA economy shrinks 30%; R4bn business interruption claims unpaid; BizNews unpacks tobacco scandal; Steinhoff

Loading player...
In today's news headlines:
* South Africa’s economy probably contracted more than 30% in the second quarter when restrictions to curb the spread of the coronavirus shuttered almost all activity for five weeks, according to central bank forecasts;
* Virus-related claims are mounting for insurers, with just over 500 small South African firms battling rejected business interruption claims worth up to R4bn;
* Steinhoff, a former Johannesburg stock market darling, continues to experience fall-out from the accounting scandal unearthed in 2017; and
* Tobacco companies - including the so-called legitimate brands - have been ‘ghost smuggling’ cigarettes and making bumper profits under a government prohibition on tobacco sales. BizNews founder Alec Hogg has been investigating. Learn more about your ad choices. Visit megaphone.fm/adchoices
1 Jul 2020 1PM English South Africa Investing · Business News

Other recent episodes

Magnus Heystek: Why SA’s middle class is quietly being crushed

South Africans are being told everything is fine. Magnus Heystek says it’s a dangerous illusion. In a wide-ranging conversation with Alec Hogg, the veteran investment strategist warns that falling GDP per capita, rising taxes, weak property returns and flawed retirement structures are steadily hollowing out the middle class. From Regulation…
9 Jan 6AM 41 min

South Africa’s business titans are gone – and David Shapiro explains why

From Brian Joffe to Raymond Ackerman, South Africa once produced business giants who shaped the economy. David Shapiro argues they have been replaced by spreadsheet managers, over-regulation and compliance paralysis, and explains what that loss means for growth, risk-taking and the country’s future.
8 Jan 6AM 54 min