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<p>The Nigeria Economic Sustainability Plan is a 2.3 trillion naira stimulus plan that the government of Nigeria wants to use to reduce the effects of an expected deep recession caused by the COVID-19. The first phase of the response plan focuses on agriculture for food and jobs. Kyari Bukar, former Chairman of the Nigeria Economic Summit Group joins CNBC Africa for more.</p>


COVID-19: What to expect from Nigeria’s economic stimulus plan

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<p>Fears of rapidly emerging new COVID-19 cases as well as a brewing tension between the United States and China has caused cautious sentiments in the global all market. Despite this, Brent is still on track for its fourth consecutive monthly gain this July. Uchenna Minnis, Managing Partner at Blufx Nigeria joins CNBC Africa for more&#8230;.</p>


Brent still on track for 4th straight monthly gain in July

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<p>Hospitality company Hilton has expressed its confidence in the growth and investment potential of the African tourism market, despite being one of the hardest hit industries during COVID-19. Joining CNBC Africa for more on the future of tourism on the continent is Andrew McLachlan, Managing Director of Development for sub-Saharan Africa, at Hilton.</p>


Why the Hilton remains optimistic about African tourism despite COVID-19

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<p>Ghana Finance Minister Ken Ofori-Atta says its GDP growth forecast for the year has been revised to 0.9 per cent from the 6.8 per cent earlier projected. While presenting the Mid-year budget review to the parliament, Ofori Atta also sought the approval of a supplementary worth 11.9 billion cedis. Joining CNBC Africa to highlight the takeaways from the mid-year budget review is John Gatsi, Dean of the School of Business at the University of Cape Coast.</p>


Ghana revises down 2020 GDP growth forecast to 0.9% on COVID-19 crisis

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<p>Nigeria’s Finance Minister, Zainab Ahmed says the COVID-19 has shown the urgent need for the government to diversify its revenue sources and will be doing so under its Strategic Revenue Growth Initiative. Dipo Ajayi, Head of Fixed Income and Forex at Chapel Hill Denham joins CNBC Africa for more.</p>


Addressing Nigeria’s revenue realities

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<p>Property group Liberty Two Degrees has reported an interim loss of R1.4 billion, a more than 100 per cent change from its previous profits due to the impact of the lock-down on businesses. The group has also opted not to declare an interim dividend and joining CNBC Africa for more is Amelia Beattie, the CEO of Liberty Two Degrees.</p>


Liberty Two Degrees CEO on building resilience amid COVID-19

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<p>Ahead of Ghana’s MPC rate decision today, the Bank of Ghana’s economic activity indicator has shown a fall of 10.6 per cent in May, whilst consumer and business confidence levels have rebounded amid their sharp declines in April. Ridle Markus, Africa Strategist, Absa Corporate and Investment Banking joins CNBC Africa for more.</p>


COVID-19: Ghana records 10.6% y/y decline in economic activity in May

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<p>Africa’s hospitality sector still boasts great investment opportunities and long term value despite the COVID-19 crisis impacting economies and markets. This is according to Tim Cordon, Senior Vice President of the Middle East &#038; Africa at the Radisson Hotel Group; he joins CNBC Africa for more.</p>


How Africa’s hospitality sector can bounce back from COVID-19

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<p>The aviation sector in Kenya is experiencing an interesting adjustment after a bill was tabled in parliament to guide the sale of Kenya Airways and to delist it from the Nairobi Securities Exchange. MPs will now start debate on The National Aviation Management Bill 2020 as the National Assembly seeks to have the government take back full control of the national carrier by October. Economic Analyst, Reginald Kadzutu joins CNBC Africa for more.</p>


Kenya Aviation Corporation to take over Kenya Airways

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<p>In a move to address challenges in climate change, Global Green Growth Institute put in place Greenpreneurs program to support young entrepreneurs who have solutions for a healthy environment, a safe climate, and a thriving clean economy.</p>


This initiative seeks to educate Rwandan youth on green entrepreneurship


<p>JOHANNESBURG (Reuters) &#8211; South Africa has doubled to six months the term of loans to small and medium-sized businesses to help them survive the COVID-19 recession and made other changes to make the credit easier to access, the treasury said on Sunday.</p>



<p>President Cyril Ramaphosa announced the 200 billion rand ($12.00 billion) loan scheme in April to help businesses, as part of stimulus measures to lessen the pandemic impact on South Africa’s already shrinking economy.</p>



<p>The loans are intended to meet urgent requirements, such as salaries, rents and contractual obligations.</p>



<p>Many of South Africa’s small and medium-sized firms were thrown into disarray when the government introduced a lockdown at the end of March to try to contain the spread of the novel coronavirus that causes COVID-19.</p>



<p>They lost much of their revenue but still faced fixed costs, and many have struggled to recover even as the lockdown lifted.</p>



<p>Sunday’s changes to the scheme include making “bank credit assessments and loan approvals more discretionary and less restrictive,” the treasury said in a statement.</p>



<p>They extend the draw-down period and the interest and capital repayment holiday to six from three months and replace the 300 million rand turnover cap with a maximum loan amount of 100 million rand.</p>


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South Africa extends COVID-19 loans for struggling businesses


<p>(Reuters) &#8211; Almost 40 countries have reported record single-day increases in coronavirus infections over the past week, around double the number that did so the previous week, according to a Reuters tally showing a pick-up in the pandemic in every region of the world.FILE PHOTO: A nurse works inside a field hospital builtÊon a soccer stadium in Machakos, as the number of confirmed coronavirus disease (COVID-19) cases continues to rise in Kenya, July 23, 2020. Picture taken July 23, 2020.REUTERS/Baz Ratner/File Photo</p>



<p>The rate of cases has been increasing not only in countries like the United States, Brazil and India, which have dominated global headlines with large outbreaks, but in Australia, Japan, Hong Kong, Bolivia, Sudan, Ethiopia, Bulgaria, Belgium, Uzbekistan and Israel, among others. &nbsp;</p>



<p>Many countries, especially those where officials eased earlier social distancing lockdowns, are experiencing a second peak more than a month after recording their first.</p>



<p>“We will not be going back to the ‘old normal’. The pandemic has already changed the way we live our lives,” World Health Organization (WHO) Director-General Tedros Adhanom Ghebreyesus said this week. “We’re asking everyone to treat the decisions about where they go, what they do and who they meet with as life-and-death decisions – because they are.”</p>



<p>The Reuters data, compiled from official reports, shows a steady rise in the number of countries reporting record daily increases in the virus that causes COVID-19 over the past month. At least seven countries recorded such increases three weeks ago, rising to at least 13 countries two weeks ago to at least 20 countries last week and to 37 countries this week.</p>



<p>The true numbers of both cases and deaths are almost certainly underreported, particularly in countries with poorer health care systems, health experts and officials say. For this report, the Reuters data was restricted to countries that provide regular daily numbers.</p>



<p>A surge in cases usually precedes a rise in deaths by a couple of weeks.</p>



<p>The United States remains at the top of the case list, this week passing more than 4 million cases and recording more than 1,000 deaths for four consecutive days. Brazil and India &#8211; which epidemiologists say is still likely months from hitting its peak &#8211; have also exceeded 1 million cases.</p>



<h3 class="wp-block-heading">SECOND WAVE</h3>



<p>The data reveals a growing number of resurgent cases in countries across all regions.</p>



<p>ADVERTISEMENT</p>



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<p>In Australia, officials enforced a six-week partial lockdown and made face masks mandatory for residents in the country’s second-largest city, Melbourne, after a fresh outbreak.</p>



<p>Australia and Japan, which also posted a daily case record this week, both warned of a rise in infections among young people, many of whom celebrated the end of social restrictions at bars and parties.</p>



<p>In Mexico, which also posted a daily record this week and has the fourth-highest death toll of any country, officials warned that a downward trend in case numbers that began in mid-June &#8211; about the time the city began relaxing social distancing measures &#8211; could reverse.</p>



<p>Based on the rate of hospital admissions over the past week, Mexico City Mayor Claudia Sheinbaum said, hospitalisation levels by October could exceed those registered in June, the height of the pandemic.</p>



<p>“It is important to recognise that if we do not change the trend, there could be exponential growth,” she said.</p>



<p>In Europe, where the summer vacation season is in full swing, a new daily record figure in Spain is likely to deter tourists from visiting one of the continent’s most popular destinations.Slideshow&nbsp;(4 Images)</p>



<p>In Africa, Kenya recorded a record high daily case number less than two weeks after reopening activity, including domestic passenger flights. President Uhuru Kenyatta, who had announced international flights would resume on Aug. 1, has summoned officials to an emergency meeting on Monday to discuss the surge in cases.</p>



<p>In the Middle East, Oman imposed new restrictions that begin on Saturday in addition to a two-week lockdown that will overlap the Islamic feast of Eid al-Adha after reporting a record number of cases.</p>


Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

Record numbers of coronavirus cases in every global region: Reuters tally


<p>MBABANE (Reuters) &#8211; Eswatini’s central bank has cut its policy rate by 25 basis points to 3.75%, it said in a statement on Saturday, the latest of several cuts meant to counter a coronavirus-linked downturn.</p>



<p>The previous 50bps cut was in May. As is often the case, the central bank’s decision mirrored that of neighbour South Africa, which also cut by 25pbs on Thursday.</p>



<p>The government forecast in May that the economy would contract by 6.7% this year owing to the COVID-19 crisis.</p>


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Eswatini central bank cuts base rate 25bps to 3.75%


<p>(Reuters) &#8211; Credit card issuer American Express Co (<a href="https://www.reuters.com/companies/AXP.N">AXP.N</a>) reported an 85% slump in quarterly profit on Friday after it set aside nearly $628 million to prepare for a flood of potential defaults caused by coronavirus-led layoffs.FILE PHOTO: American Express logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. REUTERS/Brendan McDermid</p>



<p>Shares were down about 1% before the bell, even as the group managed to eke out a small profit rather than report a loss as expected by analysts.</p>



<p>The health crisis has hammered economies worldwide and triggered mass layoffs, which in turn made more people default on their bills, hurting credit card issuers.</p>



<p>AmEx said its consolidated loss provisions stood at $1.6 billion, up from $861 million a year ago, with the increase driven primarily by new reserves created to account for the effects of the pandemic.</p>



<p>JPMorgan Chase &amp; Co (<a href="https://www.reuters.com/companies/JPM.N">JPM.N</a>) and Citigroup (<a href="https://www.reuters.com/companies/C.N">C.N</a>), which are among the largest credit card issuers in the world, have created about $18 billion in provisions for potential credit losses.</p>



<p>U.S. consumer spending suffered its sharpest ever drop in April after stay-at-home orders shut down large parts of the economy, but it rebounded in May and June as businesses started to reopen.</p>



<p>Spending by customers using AmEx cards during the quarter dropped 34% to $205.1 billion, with overseas markets down 38% and spending in the United States down 32%.</p>



<p>Net income fell to $257 million, or 29 cents per share, in the second-quarter ended June 30, from $1.76 billion, or $2.07 per share, a year earlier.</p>



<p>Analysts on average expected a loss 11 cents per share, according to IBES estimates from Refinitiv.</p>



<p>Total revenue, excluding interest expense, fell 29.2% to $7.67 billion, a steeper drop than a 24.8% decline forecast by analysts.</p>


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AmEx profit tumbles 85% as pandemic-related defaults loom


<p>LONDON (Reuters) &#8211; Shoppers in England were ordered to wear face coverings for the first time on Friday as new rules came into force, albeit with the government relying on customers’ common sense to stick to the policy rather than active policing.A woman wears a protective mask next to a sign urging to wear face coverings at a store, as the spread of the coronavirus disease (COVID-19) continues, in London, Britain July 24, 2020. REUTERS/Simon Dawson</p>



<p>The requirement, announced on July 13, marks the latest step in Britain’s slow acceptance of the benefits of face coverings in preventing the spread of COVID-19.</p>



<p>“I don’t like them, but if it keeps people safe you’ve got to do it,” said retiree Michael James, wearing a black face covering.</p>



<p>“I can’t understand how I didn’t have to wear one yesterday and I have to today. What’s the difference in the two days? But, yeah, if it cuts it down, anything.”</p>



<p>Some retailers, including supermarkets and coffee shop chains, said they supported the rules and would ask customers to abide by them, but it would not be up to staff to enforce them.</p>



<p>The move comes as deaths and new cases drop and the government encourages people back to work.</p>



<p>Asked how the rules should work, Prime Minister Boris Johnson said: “We should rely on the massive common sense of the British people&#8230; The people understand the value of face masks in confined spaces.”</p>



<p>Police can fine shoppers 100 pounds ($127) if they refuse to wear a mask, but the Police Federation of England and Wales, which represents rank and file officers, said enforcement should be a last resort.</p>



<p>“I’ve been into the supermarket this morning. There were some people wearing masks and some people not wearing masks. I was,” said former teacher Helen Curran.</p>



<p>Britons were initially told there was no compelling evidence masks helped to stop spread the virus, but that position has gradually been reversed, first with a requirement to wear them on public transport, and now in shops.</p>


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England’s shoppers ordered to wear face coverings


<p>JOHANNESBURG (Reuters) &#8211; Sub-Saharan Africa’s economy will contract this year after shutdowns disrupted activity and as daily cases of coronavirus are still rising in the region but a recovery is expected next year, a Reuters poll found on Friday.</p>



<p>Following months of lockdowns which have muted economic activity a Reuters poll taken in the past week suggested the region will contract 3.1% this year but bounce back to around 3.5% growth in 2021.</p>



<p>Some countries have begun relaxing restrictions but virus cases are still increasing, unlike in many developed countries that have started to show signs of recovery, so the uncertainty meant the range of forecasts for next year was wide &#8211; between flatlining and 4.8% growth.</p>



<p>South Africa has reported the most cases in Africa, partly reflecting more widespread testing, and it is harder to gauge the full extent of outbreaks elsewhere although there are no signs numbers are falling.</p>



<p>“Growth downgrades dominate in a region where external and fiscal buffers were already substantially eroded. The impact of COVID-19 will reduce growth even further,” Standard Chartered wrote in a note.</p>



<p>Nigeria, Africa’s biggest economy, was expected to contract 3.7% this year but bounce back to 2.0% growth next year.</p>



<p>Continental peer South Africa was expected to grow 3.5% next year following an 8.0% contraction this year, a Reuters poll showed last week. </p>



<p>However, Ghana, one of the continents oil exporters, was still expected to grow, expanding 1.9% this year and 4.2% in 2021.</p>



<p>“Despite the obvious downside risks from lower oil prices and headwinds from COVID-19, we believe Ghana has a decent growth outlook and reasonably comfortable external sector metrics relative to other African oil exporters,” said Michael Kafe, economist at Barclays.</p>



<p>“The fallout from COVID-19 and associated lockdown means GDP growth is likely to be weak this year. However, unlike other African oil exporters such as Angola, Gabon and Nigeria, where GDP growth is likely to contract this year, we expect Ghana to post positive GDP growth.”</p>



<p>Kenya &#8211; east Africa’s biggest economy &#8211; was expected to have a lacklustre performance this year with no growth, a poor outcome having averaged around 6% annual growth in the past decade.</p>


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Sub-Saharan Africa GDP to contract 3.1% this year


<p>JOHANNESBURG (Reuters) &#8211; South African department stores chain Woolworths Holdings flagged a small fall in annual sales after its non-food stores were shut in the second-half of its financial year due to COVID-19 lockdowns.</p>



<p>Even before the global health crisis, South African brick-and-mortar retailers were struggling with weak consumer spending amid slowing wages growth, high utility costs and high unemployment. The pandemic has compounded these problems.</p>



<p>Woolworths, which also operates in Australia, said group sales for the 52 weeks ended June 28 fell 0.1% compared with a year earlier. In constant currency terms, sales declined 1.1%.</p>



<p>The sales performance for the second half was hit also by a drop in customer numbers as they limited trips to malls and shopping centres, with some opting just to shop online.</p>



<p>This pushed online food sales for the South Africa business up by 87.8%, while Woolworths Fashion, Beauty and Home online sales grew by 41.3% during the second half.</p>



<p>For the full year, Woolworths food sales jumped 10.7% while fashion, beauty and home sales declined 10.7 as shoppers prioritised essentials.</p>



<p>“To stimulate trade and manage inventory levels throughout this period, management executed a series of focused promotional and clearance initiatives targeted at generating and preserving cash,” the firm said in its trading update.</p>



<p>“While this negatively impacted gross profit margin, it has resulted in better inventory levels and an improved working capital and net gearing position at year-end.”</p>



<p>In Australasia, sales in upmarket department store David Jones fell 6.3% over the year, while sales in Country Road Group declined 14.3%. Online turnover in both businesses jumped 100.7% and 28.1% respectively in the second half.</p>



<p>South Africa’s retail sales plunged by a record 50.4% in April and by 12% in May, data showed on Wednesday, in the latest evidence of the impact of the early, stricter phase of the country’s coronavirus lockdown.</p>


Coronavirus

COVID-19: What to expect from Nigeria’s economic stimulus plan

Brent still on track for 4th straight monthly gain in July

Why the Hilton remains optimistic about African tourism despite COVID-19

Ghana revises down 2020 GDP growth forecast to 0.9% on COVID-19 crisis

Addressing Nigeria’s revenue realities

Liberty Two Degrees CEO on building resilience amid COVID-19

COVID-19: Ghana records 10.6% y/y decline in economic activity in May

How Africa’s hospitality sector can bounce back from COVID-19

Kenya Aviation Corporation to take over Kenya Airways

This initiative seeks to educate Rwandan youth on green entrepreneurship

South Africa extends COVID-19 loans for struggling businesses

Record numbers of coronavirus cases in every global region: Reuters tally

Eswatini central bank cuts base rate 25bps to 3.75%

AmEx profit tumbles 85% as pandemic-related defaults loom

England’s shoppers ordered to wear face coverings

Sub-Saharan Africa GDP to contract 3.1% this year

South Africa’s Woolworths sees annual sales dip as COVID-19 hits

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Coronavirus

COVID-19: What to expect from Nigeria’s economic stimulus plan

Brent still on track for 4th straight monthly gain in July

Why the Hilton remains optimistic about African tourism despite COVID-19

Ghana revises down 2020 GDP growth forecast to 0.9% on COVID-19 crisis

Addressing Nigeria’s revenue realities

Liberty Two Degrees CEO on building resilience amid COVID-19

COVID-19: Ghana records 10.6% y/y decline in economic activity in May

How Africa’s hospitality sector can bounce back from COVID-19

Kenya Aviation Corporation to take over Kenya Airways

This initiative seeks to educate Rwandan youth on green entrepreneurship

South Africa extends COVID-19 loans for struggling businesses

Record numbers of coronavirus cases in every global region: Reuters tally

Eswatini central bank cuts base rate 25bps to 3.75%

AmEx profit tumbles 85% as pandemic-related defaults loom

England’s shoppers ordered to wear face coverings

Sub-Saharan Africa GDP to contract 3.1% this year

South Africa’s Woolworths sees annual sales dip as COVID-19 hits

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