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Tuesday, August 4th, 2020

Allan Gray shake-up; SAA; SA current account surplus; Astron Energy Cape Town deaths

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by July 2, 2020 Financial News

BizNews — In today’s news headlines:* SAA has been a significant drain on state coffers, requiring billions of rands of bail-outs, but theDepartment 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. …

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Author: BizNews The Daily Insider

This article was originally posted on BizNews.

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