| Companies are racking up impairments at a dizzying rate, largely due to the impact of Covid-19 on their investments - some of which were already in trouble before the pandemic broke out. Truworths had already impaired UK retail chain Office. Now it's going to write off practically all its investment. The market didn't seem fazed, with its shares closing higher yesterday. Although the impairments are 'non-cash' items and don't impact headline earnings, analysts point out that the companies paid cash for the businesses, which are now valued at a lot less. Truworths is certainly not alone. Sanlam has also announced impairments of its investments in pan-African insurer Saham Finances and India's Shriram Capital. In the case of Saham, Sanlam and short-term insurance subsidiary Santam said they paid a premium for the business due to the potential synergies with their other businesses, which are now going to take longer to realise as a result of Covid-19. Curro also announced an impairment with its interim results yesterday. You can read more about it down below, along with results from Metair and updates from Murray & Roberts and Grindrod. Finally, MTN has been quick to find a replacement for outgoing CEO Rob Shuter. Its charismatic chief financial officer Ralph Mupita will take the reins when Shuter steps aside at the end of the month. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
Latest from Ingham Analytics Moody's, the ratings agency, made the point recently that Covid-19 is driving business activity in America. How so? Are there risks and what about South Africa? Are there lessons to be learned? Here is a startling statistic. The M2 measure of the money supply in the US expanded by 48% in the second quarter on an annualised basis. In "Stimulus surge takes the sting out of Covid-19" Ingham Analytics ask, could there be in fact a sting in the tail? | 
