Business

Embattled clothing retail group Edcon on Monday confirmed that it has signed a sale agreement of its 90-year-old Edgars chain to Durban-based private retail group Retailability, for an undisclosed amount.

Payment holidays offered during the three-month period from April to June 2020 will cost an additional R20.7billion in debt for the estimated 1.6 million South African consumers who participated.

Rico Basson, managing director of wine industry organisation Vinpro, says many wine businesses have already closed and a long road to recovery lies ahead for the industry.

The Automobile Association (AA) is predicting a slight decrease in petrol and diesel in September.

The alcohol sales ban is costing glassmaker Consol R8 million a day in energy costs to keep its furnaces warm and running, despite the company not producing effectively or supplying its products to market.

The East London IDZ based Sundale Dairy is set to start building a new processed cheese factory in August.

South African Reserve Bank (Sarb) governor, Lesetja Kganyago, announced another 25-basis points repo rate cut on Thursday, taking the rate to a four-decade record low of 3.5% and the prime commercial lending rate to 7%.

The owners of the South African fast-food franchise Domino’s Pizza have moved to auction off the contents of their stores throughout the country.

The Department of Public Enterprises says it will not be able to entertain further demands from labour unions regarding the retrenchment process at South African Airways which forms part of a proposed business rescue plan for the national carrier.