Attacq implements cost-cutting measures
◆ Attacq: The real estate company, in its Covid-19 update, stated costsaving measures were implemented by reducing non-essential expenditure, and it expected to save a minimum of 6 percent of operating expenses, excluding property expenses, for the full financial year compared with the budget. With regard to its Waterfall development portfolio, the company was collaborating with contractors and joint-venture developers to ensure effective management of the operations during the lockdown. At present, there was no construction activity at any of the sites.
◆ Cape Town relief ‘a step in the right direction’: Quintin Rossi, the chief executive of Spear Reit, one of the property companies that has lobbied the City of Cape Town to freeze rates, said the relief measures announced by the City were a welcome start but more comprehensive measures would help thousands of businesses and not only landlords.
◆ RMH to sell FirstRand stake after shares tumble: RMB Holdings will spin off its stake in Africa’s biggest banking group by market value even after turmoil in global stock markets caused the shares of both companies to plunge.
◆ Zambia threatens Glencore after closing mines due to Covid-19:
Zambia has raised the stakes in its fight with Glencore, threatening to strip the company of its copper mines. On Wednesday evening, the Zambian government detained Nathan Bullock, the chief executive of Mopani Copper Mines, when he tried to leave the country. Bullock was subsequently released.
◆ Massmart reports sales growth to the end of March: Walmart-owned retailer Massmart, which has recently moved to close underperforming stores, said that it saw total sales growth of 1.3 percent in the 13 weeks to March 29.
◆ Vodacom to expand network capacity during Covid-19 lockdown: Vodacom, South Africa’s largest mobile operator, said that it would spend more than R500 million within two months to add network capacity during the national state of disaster.
◆ Transaction Capital executives cut their own pay for Covid-19 relief: The directors of taxi financier Transaction Capital will cut their salaries by 30 percent for the three months to the end of June in support of the Solidarity Fund.
◆ Schroder receives most of its April rent on time: Schroder European Real Estate Investment Trust said it received three-quarters of the rent it is due for April, which was sufficient to cover the running costs of the company.
FOREIGN
◆ Apple prices new iPhone version at $399 (R7 420) for pandemic era: Apple launched a cheaper iPhone with a smaller screen, expanding on a strategy to cut entry-point prices so it can grow its user base for services.
◆ Australia’s Lynas warns on rare-earth supply chain: Lynas, one of the only rare-earth metal producers outside China, has warned that a protracted shutdown of its processing plant in Malaysia would undermine the security of supply for crucial industries, including medical devices and automotive producers.