FITA takes cigarette ban fight back to court

The Fair Trade Independent Tobacco Association (FITA) is taking back the fight against the ban of cigarettes amid the COVID-19 pandemic in South Africa to the High Court in Pretoria. FITA wants to appeal the court’s ruling, which dismissed its earlier bid to have the ban lifted.

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China’s BGI forecasts 700% jump in first-half profit due to COVID-19 test kit demand

China’s BGI Genomics Co said on Tuesday it expects first-half net profit to be about eight times the amount reported in the same period last year after the global pandemic created a surge in demand for its coronavirus test kits.

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Government to send funding commitment letter to SAA BRPs

Government will on Wednesday send a funding commitment letter to the South African Airways (SAA) business rescue practitioners. This comes after creditors, unions and other stakeholders voted in favour of the amended SAA Business Rescue Plan.

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Japan manufacturers’ mood pinned near 11-year lows as pandemic hammers global demand

Japanese manufacturers remained close to the most pessimistic they have been in 11 years in July as the coronavirus outbreak hits global demand and deals a punishing blow to the export-reliant economy, the Reuters tankan survey showed on Wednesday.

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South Africa’s economy to shrink 6.9% in 2020: S&P Global Ratings

South Africa’s economy will contract by more than initially projected, likely shrinking 6.9% in 2020 compared to an earlier forecast of a 4.5% contraction, ratings agency S&P Global Ratings said in a report.

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SAA rescue plan gets the thumbs up, Philip Saunders appointed interim CEO

South African Airways (SAA) as we know it will no longer exist. The SAA Business Rescue plan was adopted with 86% of the creditor’s voting in favour of the amended plan.

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Huawei faces ban in Britain, uncertainty swirls over timing, extent

Prime Minister Boris Johnson is set to ban Huawei from Britain’s 5G network on Tuesday in a momentous decision that will delight Washington, dismay Beijing and signal the end of a two-decade long partnership with the country’s biggest mobile operator.

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NTM says aviation sector finances will be restored once operations resume

The NTM says despite the economic impact of the COVID-19 pandemic, it believes the aviation sector will restore its finances once operations resume.

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Stage 2 load shedding to resume on Tuesday morning

Stage two load shedding resumes on Tuesday morning at nine o’clock. Power utility, Eskom, has sought to assure consumers that load shedding is a last resort, and it’s doing all it can to keep the lights amid the cold winter conditions.

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Japan accuses China of pushing territorial claims during coronavirus pandemic

Japan’s annual defence review accuses China of pushing its territorial claims amid the coronavirus pandemic and suspects Beijing of spreading propaganda and disinformation as it provides medical aid to nations fighting COVID-19.

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Dollar in narrow range as US-China tensions simmer, virus cases rise

The dollar was hemmed into narrow ranges against most currencies on Tuesday as renewed concerns about diplomatic tension between the United States and China and rising coronavirus cases put a dent in risk appetite.

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Tunisia seeks late debt payments as crisis hits economy, state budget

Tunisia has asked four countries to delay debt repayments, it said on Monday as it announced more pessimistic economic and budget forecasts for 2020 because of the coronavirus pandemic.

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