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COVID-19 drives Sub-Saharan Africa toward first recession in 25 years – World Bank report

Growth in Sub-Saharan Africa has been significantly impacted by the COVID-19 pandemic and is forecast to fall from 2.4% in 2019 to -2.1% to -5.1% in 2020, the first recession in the region over the past 25 years, according to the World Bank’s latest Africa’s Pulse report.

COVID-19 –How the WHO word on Africa could influence SA big lockdown choice

The economic damage has already been done in most sectors. The South African Reserve Bank has warned that the lockdown could cause 370,000 people to lose their jobs and 1,600 businesses to go under.

South Africa’s Sasol cuts production, sales target due to COVID-19 lockdown

South African petrochemicals giant Sasol Ltd on Wednesday cut its guidance for synthetic fuel production and liquid fuel sales for this financial year due to a three-week nationwide lockdown linked to coronavirus.

Twitter CEO Jack Dorsey pledges $1 billion of Square stake for COVID-19 relief efforts

Twitter Inc (TWTR.N) Chief Executive Officer Jack Dorsey on Tuesday pledged $1 billion of his stake in Square Inc (SQ.N), the payments processor that he co-founded and heads, to help fund relief efforts related to the coronavirus pandemic.

Global leaders issue G20 call to action to co-ordinate world response to COVID-19

A group of 165 past and present global leaders have come together to demand the creation of a G20 executive task force and an immediate global pledging conference to approve and co-ordinate a multi-billion dollar fund to fight against the COVID-19 pandemic.

SMME grocery stores permitted to operate during South Africa’s COVID-19 lockdown

South Africa’s Minister of Small Business Development, Khumbudzo Ntshavheni, has issued directions aimed at helping SMMEs operating grocery stores in the country, including corner shops, spaza shops and fruit and vegetable stores, comply with the government’s COVID-19 lockdown regulations.

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.

South African banking index falls over 4% after SARB advises against dividends

South Africa’s banking index opened 4.3% lower on Tuesday, a day after the country’s central bank said it had advised lenders not to pay dividends or bonuses amid the coronavirus outbreak.

FNB extends aid for battling SMEs in South Africa amid COVID-19, lockdown

Amid the global COVID-19 pandemic and 21-day lockdown faced by South Africans, First National Bank has announced additional measures to assist small and medium-sized enterprises battling with funding in the country.

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.

South Africa’s Quantum Foods warns of 38% drop in first-half profit

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.

South African Revenue Service is losing more than R100bn in tax, this is why…

Despite a weak economy, SARS as of midnight last night, managed to collect R1.4trn in tax revenue - growth of 5.3% for the 2019/2020 year.

Our top share picks for the brave investor: Finding opportunities in times of adversity

“In times of extreme market volatility (and corrections), it is often unnecessary for investors to look far down the quality curve to find attractive opportunities that will generate significant returns in future. This is oftentimes the correct strategy as those economic uncertainties causing market volatility can have far more dire consequences for lower-quality businesses,” writes Stephán Engelbrecht, Fund Management.

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).

The impact of COVID-19 lockdown on tax and unemployment related matters

The COVID-19 21-day lockdown, imposed by South African President Cyril Ramaphosa on Thursday, 16 April 2020, will have an impact on tax and unemployment-related matters.

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.

Sanlam appoints ex-Old Mutual boss as new CEO

Sanlam today announced that the Sanlam Board has approved new appointments in three of its most senior positions in the diversified financial services group.

South Africa’s rand crashes to its lowest ever after Moody’s pulls the plug

South Africa’s rand plunged to an all-time low on Monday, falling below 18.00 to a dollar after ratings firm Moody’s cut the country’s last investment grade credit rating, adding to mounting panic about the coronavirus outbreak.

FNB confirms measures to help customers impacted by COVID-19

“In recent weeks, the South African Government, business community, philanthropists and society at large have shown remarkable unity in a joint effort to protect our country against the impact of COVID-19,” writes FNB Chief Executive Officer, Jacques Celliers.

Standard Bank extends instalment relief measures to personal account customers

Standard Bank has announced a second wave of relief to help its customer base navigate financial commitments as COVID-19 continues to impact the livelihood of many individuals across the country.

Bank charges reduced for social grant beneficiaries during COVID-19 lockdown

Banks will significantly reduce their charges for South African Social Security Agency (SASSA) grant beneficiaries, to increase the number of pay-points they can use to collect their grants, which will help maintain social distancing in queues at bank branches and retailers, for the duration of the Covid-19 pandemic lockdown.

Government’s response to Moody’s downgrade of SA to junk status

Covid-19 and South Africa's downgrade to junk will truly test South African financial markets.

Moody’s to cut South Africa’s sovereign credit rating to junk – economists

Moody’s will cut South Africa’s sovereign credit rating later on Friday as a recession deepened by the impact of coronavirus frustrates economic reform efforts aimed at reducing government debt, a Reuters poll of economists found.

Covid-19: Tax relief proposed by the President

The address by President Cyril Ramaphosa on Monday, 23 March 2020, set out certain fiscal relief measures to help small and medium enterprises (SMEs) and vulnerable firms mitigate cash flow constraints as a consequence of the COVID-19 outbreak.

Kenya to seek IMF help, pay arrears, speed tax refunds over coronavirus, officials say

Kenya’s government plans to seek help from the International Monetary Fund, pay pending bills to suppliers and quickly process company tax refunds to support the economy in the face of the coronavirus crisis, officials said.

S.Africa’s rand rises on Fed support even as lockdown looms

South Africa’s rand rose against the dollar on Tuesday, boosted by the promise of unlimited dollar funding from the U.S. Federal Reserve, which helped sentiment globally, even as an impending 21-day lockdown threatened the local economy.

Congo imposes 48-hour lockdown on mining province over coronavirus

Congo has imposed a two-day lockdown in one copper- and cobalt-producing province and shut down public markets in another after two people tested positive for the coronavirus on a flight to the capital of one of the provinces.

World Bank moving forward on first $1.7 bln in pandemic aid projects

The World Bank’s executive board is expected to consider later this week the first fast-track funds to help Afghanistan and Ethiopia respond to the coronavirus pandemic, the Bank’s president said on Sunday.

Latest

Why business should not throw in the towel in the face of COVID-19

“I would like to appeal to all large businesses not to resort to force majeure and stop paying their suppliers and rental commitments , as such practice has a domino effect on all other businesses dependent on that chain,”

SA extends lockdown by two weeks until end April

South Africa's President Cyril Ramaphosa on Thursday evening extended the country's lockdown by two weeks until the end of April to slowdown...

COVID-19: Trump hold on finances would hurt our work in Africa – WHO.

"If that decision is made it would severely impact our work here in Africa,” says Moeti.

Update on Rupert family’s R1bn COVID-19 fund

This week Johann Rupert’s R1billion Sukuma fund had to close doors on desperate small businesses wanting help to fight the impact of COVID-19 lockdowns.

World Bank considers debt relief for Africa to fight COVID-19

The World Bank expects COVID-19 to cost Sub-Saharan Africa up to $79 billion in lost output in 2020, plunging the region into its first recession in a quarter of a century. World Bank’s Chief Economist for Africa, Albert Zeufack joins CNBC Africa for more.