Santam's lockdown claims case begins today - will it be a watershed moment?

Phumelela gets last-minute notice to interdict its business rescue plan, possible sale

Daybreaker

A snapshot of the day's business and economic news.

JAN CRONJE, FIN24 DEPUTY EDITOR

A general view of Santam Insurance Head Office.

Gallo Images/Jacques Stander


Santam's lockdown claims case begins on Tuesday - will it be a watershed moment?

As Santam's lockdown claims case heads to court on Tuesday, many businesses in the tourism and hospitality industries are looking to it as a possible breakthrough for the sectors in intensive care.
 

But analysts have warned of a long road ahead, irrespective of whose argument wins the day.
 

Nicolene Schoeman-Louw, managing director at Schoeman Law Inc., said the business interruption claims case against Santam would only answer one question - whether the insurer was liable for the losses its clients incurred when government ordered them to stop operating under the lockdown.
 

It still won't answer the question of how much of these losses the insurer is liable for.

COMPANIES

The embattled horse racing and betting company's creditors are set to vote on Tuesday to accept or reject an offer from UK bookmaker Betfred for its entire business.

MINING

Despite Covid-19's impact on the global economy, commodity prices have rallied as well as resource shares. Patrice Motsepe doesn't see buying opportunity with these lofty valuations.

TRAVELANDLEISURE

Sun International is closing the Carousel Casino, famous for boxing matches featuring the likes of Lennox Lewis, Brian Mitchell and Dingaan Thobela.

OPINION

In South Africa inequality means that technology only benefits the few, which increases the marginalisation and exclusion of the majority, writes Nolwandle Mthombeni.

ECONOMY

Increased Brent Crude prices, a weaker rand and annual wage increases of forecourt staff will see petrol prices tick up next month.

OPINION

Government and the private sector have not said much on the cost of the infrastructure development programme to taxpayers and potential users of these developments.

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