7 things you need to know today

CAPE TOWN - Good morning. This is all the latest business news that you need to know today.

1. SA factory activity expands in October, first time in 18 months

South African private sector activity expanded for the first time in 18 months in October as an easing of coronavirus restrictions continued to boost output and new sales, a survey showed on Wednesday.

2. Indequity shows double-digit profits

Indequity Group reported double-digit growth in profit for the year to end September despite a challenging year worsened by the Covid-19 outbreak.

3. Rand steadies against the dollar

A stronger risk-on tone and a US dollar selloff were apparent from the start of European trading yesterday according to NKC Research.

4. BAT buys nicotine-pouch assets in move to expand its footprint

British American Tobacco (BAT) said on Monday that it was expanding its footprint in the US by acquiring Dryft Sciences nicotine-pouch product assets.

5. Payfast’s Ecommerce Performance Index to focus on impact of online transabctions

As online payment firm Payfast on Tuesday launched an Ecommerce Performance Index, the PEP Index, it said that the 1-2 percent market stake the e-commerce sector held within the retail space could double to as much as between 2-4 percent by the end of this year.

6. RCS finishes migrating 2.3 million Edcon clients

The RCS Group, which acquired the majority of the Edcon store card book (Edgars and Jet accounts) before and after the business rescue process, said it has completed the migration of about 2.3 million account holders from the Edcon system to its own.

7. Food price inflation to remain subdued

The Agricultural Business Chamber said yesterday it expected food price inflation to remain subdued for the rest of this year, although rising grain prices presented an upside risk.

BUSINESS REPORT ONLINE