Get a Glimpse of the Latest 702 Business News and Stay Ahead of the Game
Keeping track of the latest business news and trends can help businesses stay competitive and make informed decisions. In this article, we will discuss some of the top business news stories covered by 702 and how they can impact your business.
South Africa’s Business Landscape
South Africa’s economy has been heavily impacted by the COVID-19 pandemic, and businesses are still struggling to recover. However, there have been some positive developments in the country. The South African Reserve Bank kept the interest rates unchanged recently, which is good news for businesses that are looking for credit. Additionally, South Africa’s vaccination program is gaining traction, which bodes well for businesses as it means that they can operate under more stable conditions.
Industry Disruption
In the tech industry, TikTok has been making waves for quite some time. Recently, a Johannesburg-based company, Deezer, announced a partnership with TikTok, which will see their music integrated into the video-sharing app. This partnership could mean great exposure for artists and could mark a significant shift in the music industry as more people consume content through social media.
Further, the South African property market is going through changes as many people increasingly abandon office work. Remote working has become the norm, and companies are beginning to invest in hybrid working arrangements for their employees. The demand for suburban and rural properties is increasing, whereas central business districts are seeing fewer businesses move in.
Impact of Rising Prices on Businesses
The current economic climate also poses a challenge for businesses as the rising prices of raw materials cut into profit margins. One sector that is feeling this challenge notably is the food and beverage industry. Inflation is pushing up the prices of commodities like grain, oil, and sugar, which directly impact the restaurant industry. Many local suppliers have also been hit hard by the restrictions on importing goods, and it remains to be seen how this will impact their businesses over the long term.
Conclusion
Staying up-to-date with the latest business news can help businesses make informed decisions and stay competitive. By keeping an ear to the ground, businesses can assess the opportunities and challenges in the current business landscape. From the changing ways of working to the impact of rising prices, businesses need to adapt and adjust to navigate these uncertain times.
