Home News

News

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.

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.

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.

Op-Ed: Africa needs to work together, with all sectors of society to deal with COVID-19

Unprecedented times such as these call for rapid decision-making, coupled with innovative and effective solutions that can address continually evolving challenges.

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.

Telkom, Samsung team up with South African government to track those with COVID-19

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.

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.

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.

COVID-19 – “Enormous gap” in ventilators for Africa – the worry is no one is sure how big.

“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 ‘hundreds of thousands’ of COVID-19 tests – Health Minister

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 rescinds 100% taxi capacity

South African Transport Minister Fikile Mbalula has rescinded his earlier decision of allowing taxis to carry a full load of passengers.

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.

South Africa’s lockdown taxi regulations revised

“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.

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.

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,”

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.

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.

Tanzania confirms first coronavirus death

Tanzania confirmed its first coronavirus death on Tuesday, Health Minister Ummy Mwalimu said in a statement.

Op-Ed: Victor Oladokun on why Africa urgently needs an Ubuntu Plan

“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.

AfDB President bids farewell to Victor Oladokun, Director of Communication

“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.

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.

Zimbabweans enter coronavirus lockdown amid severe economic crisis

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.

COVID-19 Masks yes, small business sorry no.

“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 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.

Latest

Rupert family fund oversubscribed; applications temporarily suspended

Applications for the Rupert family’s R1 billion small business fund, The Sukuma Relief Programme, which opened on Friday, have temporarily been suspended.

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.

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.

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.

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.