What’s in City Press Business?

play article
Subscribers can listen to this article
City Press Business | November 15 2020
City Press Business | November 15 2020

Demand slump hammers Africa’s oil producers

The rapid spread of Covid-19 around the world hammered global oil prices, which at one stage fell into negative territory, as demand slumped. For African countries reliant on oil exports, such as Nigeria and Angola, this was a catastrophe, slashing growth outlooks and depleting government coffers. The IMF projects growth for these countries to be 2% below the sub-Saharan region average.

Jobs bloodbath

Stats SA’s third quarter employment figures were a slap in the face, as the jobless rate grew by 7%, pushing the level to 30.8%. The expanded definition is even more ominous, rising to 43.1%.

“The toll on the poor is now unbearable. Fewer black South Africans are employed today than in 1994,” says Ayal Belling, the founder of the movement Organising for Work.

Eskom turns to battery power

South Africa’s debt-laden power utility Eskom is looking to battery power to shore up its electricity supply. However, due to the technical nature of the battery requirement and installation times, local companies will only be given a 20% participation in the project.

Winning bidders will, however, be required to develop skills and enable knowledge transfers to those they partner with in South Africa.

Offshore investing made easy

Local investors looking to expand their international portfolios don’t need to be afraid or to panic. There are various simple ways to do it, such as investing in Apple, Amazon or other global titans. Personal finance guru, Maya Fisher-French, leads you through the easy steps.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24


Read the digital editions of City Press here.
Read now
Voting Booth
With less than two weeks to go to election day, political parties are ramping up their campaigning, bringing out influencers and celebs at their rallies. Do you think bringing out DJs, celebs and musicians will work to win votes?
Please select an option Oops! Something went wrong, please try again later.
I'm not influenced
89% - 78 votes
A gig is gig
7% - 6 votes
Need more of it
5% - 4 votes