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.
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 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.
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.
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.
Unprecedented times such as these call for rapid decision-making, coupled with innovative and effective solutions that can address continually evolving challenges.
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 Telkom, Samsung and the government have teamed up to develop a track and trace database to identify the whereabouts of people who may have contracted coronavirus.
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.
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.
“At the moment, we are trying to find out this information and we don’t have the actual number. What we can say, without any doubt, there is an enormous gap in the number ventilators needed in Africa.”
South Africa needs to conduct “hundreds of thousands” of coronavirus tests to understand the true number of infections and halt their spread, Health Minister Zweli Mkhize said on Wednesday.
South African Transport Minister Fikile Mbalula has rescinded his earlier decision of allowing taxis to carry a full load of passengers.
“Public transport remains one of our biggest risk areas in the spread of the virus. We must therefore do everything in our power to protect both the citizens who rely on public transport and those who operate the system from exposure and possible infection,” reads the statement by South Africa’s Department of Transport.
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.
“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,”
“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.
“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 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 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.
“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 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.
“Africa urgently needs a globally coordinated Ubuntu Plan in response to COVID-19, a fiscal stimulus that recognises our shared and connected humanity, as we find ourselves in the midst of an unprecedented crisis,” writes Victor Oladokun.
“Victor joined the Bank two and half years ago, and has provided exceptional leadership on communication. He has led an outstanding team,” writes African Development Bank President, Dr Akinwumi Adesina.
Zimbabwe began a 21-day nationwide lockdown on Monday, following neighbour South Africa in implementing some of the world’s toughest anti-coronavirus measures likely to hurt an economy already suffering hyperinflation and food shortages.
“We are absolutely award of this issue and the Solidarity Fund is consulting with the Department of Health here and will carry out the utmost diligence in making the purchase,” says Nicola Galombik is executive director of Yellowwoods, the investment holding company, who is working with the fund.
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.
Applications for the Rupert family’s R1 billion small business fund, The Sukuma Relief Programme, which opened on Friday, have temporarily been suspended.
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.
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.
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.
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.