SA economy shrinks 30%; R4bn business interruption claims unpaid; BizNews unpacks tobacco scandal; Steinhoff
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In today's news headlines:
* South Africa’s economy probably contracted more than 30% in the second quarter when restrictions to curb the spread of the coronavirus shuttered almost all activity for five weeks, according to central bank forecasts;
* Virus-related claims are mounting for insurers, with just over 500 small South African firms battling rejected business interruption claims worth up to R4bn;
* Steinhoff, a former Johannesburg stock market darling, continues to experience fall-out from the accounting scandal unearthed in 2017; and
* Tobacco companies - including the so-called legitimate brands - have been ‘ghost smuggling’ cigarettes and making bumper profits under a government prohibition on tobacco sales. BizNews founder Alec Hogg has been investigating. Learn more about your ad choices. Visit megaphone.fm/adchoices
* South Africa’s economy probably contracted more than 30% in the second quarter when restrictions to curb the spread of the coronavirus shuttered almost all activity for five weeks, according to central bank forecasts;
* Virus-related claims are mounting for insurers, with just over 500 small South African firms battling rejected business interruption claims worth up to R4bn;
* Steinhoff, a former Johannesburg stock market darling, continues to experience fall-out from the accounting scandal unearthed in 2017; and
* Tobacco companies - including the so-called legitimate brands - have been ‘ghost smuggling’ cigarettes and making bumper profits under a government prohibition on tobacco sales. BizNews founder Alec Hogg has been investigating. Learn more about your ad choices. Visit megaphone.fm/adchoices
