Business

New vehicle sales in South Africa plunged by 98.4% to 574 units in April compared with the same month last year. The National Association of Automobile Manufacturers of South Africa (NAAMSA) says this reflects the impact of the COVID-19 national lockdown which brought most business activity to a virtual standstill.

The South African publisher of Cosmopolitan, House & Leisure, Good Housekeeping and Women on Wheels will cease trading from Friday.

South Africa's Competition Commission said on Thursday it had reached a consent agreement with mobile telecommunications firm MTN to reduce data costs.

South African fashion retailer Edcon announced on Wednesday that its board had passed a resolution authorising it to file for business rescue in the next few days.

May 2020 will soon join April in setting back-to-back records for monthly fuel price drops. This is according to the Automobile Association, which was commenting on unaudited month-end data released by the Central Energy Fund.

The Minister of Employment and Labour Thulas Nxesi has called on employers who are registered with the Unemployment Insurance Fund (UIF) to apply for the COVID-19 benefits through the temporary Employer/Employee Relief Scheme on behalf of their employees.

Oil extended its slide on Monday, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude oil after output cuts proved insufficient to cope with plunging demand.

The National Union of Mineworkers (NUM) and Harmony Gold have agreed that all workers in all Harmony Gold operations in South Africa will be going back to work on the 2nd of May, after the second lockdown.

The Automobile Association of South Africa says globally destructive economic instability has pushed fuel prices into drastic retreat, leading to some very rare good news for South African motorists.