SA launches green fund to drive investment into SMMEs
R488 million – that’s how much the Green Outcomes Fund has set aside for fund managers to increase investment in green Small, Medium and Micro-sized Enterprises. To discuss the fund - the first of its kind, CNBC Africa is joined by Tine Fisker Henriksen: Innovative Finance Lead, UCT GSB Bertha Centre and Mark van Wyk: Head of Unlisted Investments, Mergence Investment Managers.
Nigerian banking index gains but industrial goods sector declines
Investors are taking a keen interest in banking stocks today but the Industrial goods sector is facing a steep decline. Dare Fajimolu, Chief Research Officer at Blue Vertex joins CNBC Africa for a recap of today’s trade.
Nigeria to tap into its sovereign wealth fund to fight COVID-19 crisis
Nigeria plans to withdraw $150 million from its sovereign wealth fund as part of its fiscal stimulus measures in response to the COVID-19 outbreak. Michael Ango, the Associate Director; Tax Advisory and Regulatory Services at Andersen Tax joins CNBC Africa to assess Nigeria's response to the pandemic.
South African COVID-19 Tourism Relief Fund open for applications
In a bid to mitigate the impact of COVID-19 on South Africa’s tourism sector, the Department of Tourism is urging eligible small, micro and medium-sized enterprises (SMMEs) to apply for a share of the R200 million Tourism Relief Fund.
Prudential Authority offers relief measures, guidance to South African banks amid COVID-19 crisis
As households and businesses in South Africa struggle to cope with the current economic turmoil and uncertainty brought upon by the COVID-19 pandemic, the Prudential Authority (PA) has welcomed the measures taken by banks to support their customers financially.
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CEO Interviews
Rupert fund overwhelmed by duplicate applications
Applications for the Rupert family’s R1 billion small business fund, now known as The Sukuma Relief Programme opened on Friday. To find out what the response has been CNBC Africa is joined by Mark Paper, Chief Operating Officer at Business Partners International.
Coronavirus
Fitch on adapting ratings methodology for COVID-19
On Friday ratings agency Fitch downgraded South Africa further into junk status saying government didn’t have a clear plan to stabilise rising debt levels. However, institutions like the IMF say African countries should be allowed to increase debt to GDP ratio’s to contain the economic fallout from Covid19. Should ratings agencies therefore revise their methodology to adapt to Covid19 times? Jan Friederich, Head of Middle East and Africa Sovereign ratings at Fitch joins CNBC Africa for more.
Coronavirus
How COVID-19 is impacting genocide commemoration events in Rwanda
As Rwanda prepares for the Genocide Commemoration week while being in lock down, CNBC Africa is joined by Christian Ntwari, Managing Director of Our Past, to tell us more on this year's plan for the event and how coronavirus pandemic is going to affect the event.
CEO Interviews
How the Bank of Kigali is tackling the COVID-19 crisis
Rwanda's leading bank, the Bank of Kigali has announced their contribution to the country's relief efforts in a statement outlining concessions they're making for vulnerable clients, and the fund of over $296,000 that the institution will be handing over to the Government to oversee distribution of cash and supplied to families affected by the Covid-19 crisis. Bank of Kigali CEO, Diane Karusisi joins CNBC Africa for more.
Growthpoint SA CEO on the business impact of COVID-19 lockdown
As the economy faces one of its toughest battles yet, one industry that is feeling the brunt of the economic fallout is the property sector. Last week the South African Real Estate Investment Trust Association made an urgent request to the National Treasury for provisional relief of the REIT tax rules and joining CNBC Africa for more is Estienne de Klerk, SA REIT Chairman and CEO of Growthpoint SA.
Coronavirus
The harsh realities of being an entrepreneur. He first had to deal with the dot-com crash, now his coffee business is being hit by...
Entrepreneur Jonathan Robinson saw his dotcom dream disappear overnight, he awoke from the nightmare to smell the coffee only to suffer COVID-19.
Videos
SA’s COVID-19 lockdown: Icasa to release emergency spectrum
Icasa will release emergency spectrum to help mobile operators meet the spike in demand for broadband services due to many people working at home during South Africa’s 21 day lockdown. Acting Chair of the telecoms regulator, Keabetwse Modimoeng joins CNBC Africa for more.
CEO Interviews
SA’s COVID-19 lockdown: 14000 companies apply for UIF assistance
South Africa’s 21 Day lockdown has forced many companies to shut during the period. As a consequence, many people have had to take unpaid leave while some may not have a job waiting for them when the lockdown lifts because of the fragile state of the economy. Teboho Maruping, Commissioner of the Unemployment Insurance Fund spoke to CNBC Africa on how government is helping?
Coronavirus
South Sudan confirms first case of COVID-19
South Sudan is the latest African country to confirm its first case of COVID-19. The virus is having profound and serious impact on the global economy and has sent policymakers looking for ways to respond. Parek Maduot, Director of Economic Development &Regional Integration, at the International Conference on the Great Lakes Region joins CNBC Africa for more.
Coronavirus
African Development Bank President denies allegations of ill-governance
Replying to an article recently published in the French newspaper, “Le Mond”, President of the African Development Bank, Akinwumi Adesina, has denied allegations questioning the transparency and governance systems of the bank.
Closing Bell West Africa
Nigeria outlines COVID-19 fiscal response
Nigeria’s Finance Minister, Ahmed Zainab has announced some fiscal measures aimed at cushioning the impact of the coronavirus pandemic on the economy. Emmanuel Odiaka, Managing Director and CEO of ECOB Capital joins CNBC Africa to assess these measures and review Nigeria’s fixed income and forex market.
Coronavirus – Uganda: Update on the COVID-19 outbreak in Uganda (7 April 2020)
Download logoToday, all the 150 samples tested were NEGATIVE for COVID-19 at the Uganda Virus Research Institute (UVRI). The total number of COVID-19 confirmed cases in the country still stands at 52. A cumulative total of 3,310 samples have been tested for COVID-19. The number of individuals under institutional quarantine has reduced from the original 1040 to 613 as of today. A total of 427 individuals have been discharged from institutional quarantine. In addition, 855 contacts of the confi
Coronavirus – Rwanda: Update on COVID-19 Coronavirus – 7 April 2020
Download logoNo new coronavirus case was identified today, out of 806 samples tested. The total remains 105 (of whom 7 have recovered). All patients are under treatment in stable condition in designated health facilities. The majority are asymptomatic, and no patient is in critical condition. Heightened vigilance continues to be required. The extension of the enhanced prevention measures announced by the Government of Rwanda must be rigorously observed. Any Rwandans or leg
Coronavirus – Africa: COVID-19 Surveillance Update – 7 April 2020 5:00 p.m
Total number positive cases in Africa 10,252 52 countries 492 deaths 989 recovery cases by Region African Union Member States (52) reporting COVID-19 cases (10,252), deaths (492), and recoveries (989) by region: Central (950 cases; 33 deaths; 34 recoveries): Burundi (3; 0; 0), Cameroon (650; 9; 17), Central African Republic (9; 0; 3), Chad (9; 0; 1), Congo (49; 5; 2), DRC (180; 18; 9), Equatorial Guinea (16; 0; 1), Gabon (30; 1; 1), Sao Tome & Principe (4; 0; 0)
Coronavirus – Nigeria: Life in quarantine after detecting Nigeria’s first COVID-19 case
Download logoHe turned up with flu-like symptoms at a medical centre in Ogun state in the southwest of Nigeria. Dr Amara Allison, who was on duty, examined the patient and ordered that he be isolated immediately. She had just diagnosed Nigeria’s first COVID-19 patient. Along with four health workers and 35 other people who had been in contact with the country’s index case, Dr Allison was placed on a 14-day quarantine. She recounts her experience staying indoors for a fortnight.
Former Director of State Oil Assets and Entrepreneur Appointed to Lead African Energy Industry Lobby in the Central African Economic and Monetary Community (“CEMAC”)...
The African Energy Chamber (http://EnergyChamber.org) has appointed Leoncio Amada Nze, Founder & CEO of APEX Industries, as its Executive-President for the Central African Economic and Monetary Community (“CEMAC”) which is made up of six states: Gabon, Cameroon, the Central African Republic (CAR), Chad, the Republic of the Congo and Equatorial Guinea. Leoncio is based in Malabo where he will act on behalf of the Chamber across all public and private sector energy initiatives in the r
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Videos
Africa’s business leaders put people before profit to fight COVID-19
From Nigeria to South Africa, businessmen and women have pledged billions in funding to fight the coronavirus pandemic in Africa. Still, billions more are needed if the continent is to survive COVID-19 lockdowns that have brought economic activity to halt. Here’s a list of the businesspeople that have risen to the challenge of putting people before profit.
Videos
BNP Paribas sees 4% contraction for SA’s economy
BNP Paribas has become the latest bank to downgrade its growth forecast for South Africa’s economy. The international bank now expects the economy to contract by 4 per cent versus a contraction of 1.2 per cent previously. Jeff Schultz, Senior Economist at BNP Paribas joins CNBC Africa to explain the banks change in outlook?
African Development Bank
Op-Ed: Why the COVID-19 pandemic is no time for fiscal distancing
"Extraordinary times call for extraordinary measures. As such, it can no longer be business as usual".- Akinwumi Adesina, President of the African Development Bank
South Africa
1,749
Total confirmed cases
Nigeria
254
Total confirmed cases
Ghana
287
Total confirmed cases
Kenya
172
Total confirmed cases
Total confirmed cases
Total confirmed cases by select countries. Data provided by a third-party and refreshes at the end of each day.
Mauritius
268
Total confirmed cases
Uganda
52
Total confirmed cases
Rwanda
105
Total confirmed cases
Egypt
1,450
Total confirmed cases
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Must Read
Altron eyes London listing for Bytes UK
Altron plans to separate its UK assets from its African operations via a London listing. The technology group says the listing, still at planning stage will unlock value for its shareholders. Mteto Nyati, CEO Altron joins CNBC Africa for more.
Siemens donates R500, 000 towards fight against COVID-19 in South Africa
In a bid to help alleviate the impact of COVID-19 in South Africa, the Southern and Eastern African division of the multinational conglomerate, Siemens, has donated R500, 000 to the Solidarity Response Fund.
How Volkswagen is responding to COVID-19 in Africa
Globally car markets are using existing manufacturing facilities to make ventilators to fight COVID19. South Africa’s government believes car makers here can do the same.
How Africa can avert a COVID-19 triggered food crisis
The COVID-19 outbreak has disrupted supply chain and trade and thereby restricting access to food. Now experts have warned that there is a risk of food crisis if measures to protect the vulnerable and keep food supply chains live are not taken. Agricultural Economist and Food Systems expert Dr. Kirimi Sindi joins CNBC Africa for more.
Rwanda gets $109mn from IMF for COVID-19 fight
In Rwanda, IMF has confirmed that it has approved $109.4 million in credit to help address the COVID-19 pandemic. Moreover, The City of Kigali and Nyarugenge District Authorities have shifted some food trading activities from city markets to Nyabugogo Bus Park to decongest marketplaces, and RwandAir is working on launching cargo flights in the coming days to respond to demand in movement of good. CNBC Africa is joined by Hudson Kuteesa, Journalist with The Newtimes for more.
Kenya, US start talks on trade agreement
The US Trade Department has started negotiations on a comprehensive trade agreement with Kenya in a move that will extend Kenya’s preferential access as the current trade arrangement under the Africa Growth and Opportunity Act (AGOA) closes in 5 years. If successful, the United States would forge its first bilateral trade accord with a sub-Saharan African country. Grant Harris CEO, Harris Partners LLC joins CNBC Africa for more.
Financial
South Africa’s Quantum Foods warns of 38% drop in first-half profit
Reuters -
South African feed and poultry company Quantum Foods said on Thursday half-year earnings could fall as much as 38%, partly due to a margin squeeze in its egg business because of lower selling prices.
How the COVID-19 lockdown is impacting Uganda’s economy
On Tuesday of this week Uganda began their total lockdown for an initial period of 14 days, Analyst and Chief Strategist at Impact Communication Strategies, Ken Agutamba joins CNBC Africa for what the immediate impact of these measures have been on the lives and economy of the country.
SA coffee shop feels the wrath of the COVID-19 lockdown
As South Africa is currently in a national lockdown due to the Covid-19 outbreak one of the many issues that businesses face is the decrease in customers and supply disruptions; one such company facing the wrath of the lockdown is a coffee shop called Bean There, the owner Jonathan Robinson is now looking at big South Africa retailers such as Pick ‘n Pay, Spar & Takealot to keep afloat. Jonathan joins CNBC Africa for more.
Lockdowns, curfews and doorstep testing: Africa’s crackdown on the coronavirus
By: Elliot Smith KEY POINTS The Africa Centers for Disease Control and Prevention (Africa...
The fight to keep 4.1 million Zimbabweans fed in COVID-19 lockdown.
Another problem for food security is the fact that lockdown has closed down tens of thousands of schools from Lilongwe to Lagos. For many hungry school children in Africa, school is only place they can be sure of a hot meal.
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EOH Exco chop salaries by 25%; ask staff to cut by 20%
Technology group EOH narrowed its first half loss per share from continuing operations, while group revenue fell 14 per cent and costs rose. EOH CFO, Megan Pydigadu joins CNBC Africa for more.
Sarb guides banks to put dividends, bonuses on hold
South Africa’s Reserve Bank has guided banks to put dividends and executive bonuses on hold to help reduce stress on the banking sector from fighting Covid19. For more on this recommendation as well as other directives to ensure the health of the sector, CNBC Africa is joined by Unathi Kamlana, Head of Policy Statistics and Industry Support at the Prudential Authority.
Shoreline Group: Why the Saudi Arabia, Russia meeting delay is a good thing
Brent crude futures have climbed since Friday on hopes that Saudi Arabia and Russia will hold talks and eventually strike a deal to cut output. Ahead of the crucial meeting, Kola Karim, Chairman of Shoreline Group joins CNBC Africa for more.
Nigeria seeks to improve turnaround time for COVID-19 testing & results
Nigeria’s Minister of Finance, Budget and National Planning, Zainab Ahmed, says the federal government plans to engage insurers for special products for healthcare workers.
COVID-19: Nigeria plans to evacuate citizens abroad
Some Nigerians stranded abroad have asked to be brought back home as the COVID-19 outbreak bites harder across the world. Nigeria's Ministry of Foreign Affairs has asked all its missions abroad to compile a list of willing Nigerians who want to come back home. Abike Dabiri-Erewa, Chairman and CEO of Nigerians in Diaspora Commission joins CNBC Africa for more.
How ride hailing service Bolt is adapting to the COVID-19 lockdown
Ride hailing service Bolt is revving up its services to help fight against the COVID-19 spread, the company has established an Isolated Cars category to ensure individuals can choose their choice of space in a car as well as a Bolt Business Delivery service which helps essential services deliver their goods during the COVID-19 lockdown. Gareth Taylor, Country Manager for Bolt South Africa joins CNBC Africa for more.
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COVID-19: Nigeria to start clinical trial of chloroquine
As countries race to find treatment options for the coronavirus outbreak, Nigeria’s National Agency for Food and Drug Administration and Control; NAFDAC, has ordered the manufacturing of Chloroquine for possible clinical treatment of the virus. Mojisola Adeyeye, Director General of NAFDAC joins CNBC Africa to discuss the details.
Rwanda extends COVID-19 lockdown by two weeks
The decision to extend the current two week lockdown initially declared on March 21 to contain the spread of the coronavirus was reached during an extraordinary cabinet meeting held via video conference on Wednesday.
Local SA manufacturer turns to face masks amid COVID-19 crisis
One of the biggest medical supply demands globally has been the need for face masks. Here in South Africa the demand is growing and one local black owned manufacturing company called Siyasebenza is taking on the task of creating and distributing face masks across the country. Teddy Timmal, Managing Director of Siyasebenza Manufacturing joins CNBC Africa for more.
Burundi closes border with Rwanda to curb COVID-19 spread
The government of Burundi has blocked entry of cargo trucks from different East African Community countries transiting through Rwanda, a move that has gone against last week’s decision by a ministerial meeting from East African Community member states to facilitate continued free movement of goods even as they take measures to limit the spread of the coronavirus pandemic. Independent Analyst Ted Kaberuka joins CNBC Africa for more.
Discovery, Vodacom set up online COVID-19 consultation service
South African insurance company Discovery and mobile operator Vodacom are teaming up to offer a free, online doctor consultation service to all South Africans with coronavirus-related concerns.
COVID-19: What the FSCA expects from financial institutions
The financial sector conduct authority has called on all regulated companies to treat customers fairly during the COVID-19 lockdown and warned that profiting off the vulnerable will not be tolerated. Kedibone Dikokwe, Divisional Executive: Conduct of Business Supervision, Financial Sector Conduct Authority (FSCA) joins CNBC Africa for more.
How you can go to the drive-in for a COVID-19 test.
“It is a lot safer because then you don’t have to have patients mixing with each other. You test them in their own environment, in the car,”
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Mary Oppenheimer and daughters donate R1 billion to COVID-19 Solidarity Fund
“We join all South Africans in expressing our profound hope that, together, we can overcome this grave challenge to our country and to the world,” writes Mary Oppenheimer and daughters.
Moody’s places Angola’s B3 ratings on review for downgrade
Moody's Investors Service ("Moody's") has today placed Angola Government's B3 long-term issuer ratings and senior unsecured rating and its (P)B3 senior unsecured MTN rating under review for downgrade. The short-term issuer rating is affirmed at Not Prime (NP).
Renaissance Capital revises SSA growth forecast for 2020 to 1.3%
Renaissance Capital has revised its growth forecast for Sub-Saharan Africa to 1.3 per cent from its previous estimates of 3.5 per cent. Rencap also notes that oil exporters in Sub-Sharan Africa will be hit hard by the drop in oil prices and they expect Nigeria to fall back into a recession this year. Yvonne Mhango, Sub-Saharan African Economist at Renaissance Capital joins CNBC Africa for more.
SA COVID-19 testing backlog: What you need to know
As South Africa’s death toll and confirmed cases of COVID-19 rises, there is concern of the more than 5000 tests that are backlogged in the system; this is according to the Mail & Guardian.
Sanlam CEO Ian Kirk on decision to step down in December & COVID-19 impact
Sanlam announced major changes in its boardroom today. Current CEO Ian Kirk will be stepping down, making way for former CEO and Chair of Old Mutual South Africa to begin in July.
This is how war and revolt have done worse to the mines than COVID-19.
Planes dropped bombs from the blue, artillery shelled suburban houses, riflemen fought street battles, snipers fired from bedroom windows and tanks rumbled through the suburbs.
The African billionaire who wants COVID-19 to bounce off business
“It was actually a word from my grandson, Sam, that said we have been privileged for quite some time as South Africans and in a crisis like this you need to give something back to the country"
Harmony Gold sees lower gold production during 21-day lockdown
Harmony Gold Mining Company said on Tuesday that it expects limited gold production during the 21-day lockdown in South Africa in the wake of the fast-spreading coronavirus.