Eskom sees some light, but Covid’s shadow lingers

ESKOM had reduced its mountain of debt by R83bn at the close of the financial year by paying off mature loans and reaping the benefits of exchange-rate movements, public enterprises minister Pravin Gordhan told parliament. Eskom’s debt reached a high of R484bn during 2020/2021. It now stands at R401bn. In the same year, it received R56bn of government support, without which it would have been unable to service its debt.

MR Price said its headline profit grew 13% in the second half as it gained market share across its main apparel division in particular, helping to soften the blow that characterised the first half as a result of the hard-lockdown measures.

THE Reserve Bank has commenced an investigation into the feasibility of a central bank digital currency that could be used as legal tender for general retail purposes as a complement to cash.

LIFE insurer Momentum Metropolitan paid out R3.9bn in death claims in the first quarter, nearly three times higher than it had initially expected, highlighting the severity of the second wave of Covid-19. Releasing its operational update, it said its South African life insurance businesses were most affected by the spike in claims, although the recovery in global markets more than offset the fallout of Covid-19 at group level.

TSOGO Sun Gaming, the owner of Montecasino and Suncoast Casino, which reported a 90% drop in earnings for the year to end-March, said it would focus on reducing debt and generating cash in the current financial year as more of its businesses are allowed to open.

DESPITE the implementation of stringent hygiene practices across most farms in SA, the poultry industry is bracing itself for more bird flu outbreaks similar to the 2017 crisis.