Home News Financial

Financial

Uganda to seek $190 mln from World Bank to cushion coronavirus blow

Uganda will request the World Bank for a loan of $190 million to help cushion its economy from the impact of the coronavirus pandemic, its finance minister said.

MTN drops prices on monthly data bundles

South Africa’s MTN has agreed to reduce the cost of its monthly data bundles of 1 gigabyte (GB) and below by between 25% and 50% from April, following a finding that the country’s mobile data prices were the highest on the continent, the telecoms firm said on Friday.

Panic buying forces South African supermarkets to ration food

As the spread of the infection triggers panic buying across the world, South African retailers are saying they are working with their suppliers to ensure a consistent supply of products like meat and canned food, and medicine.

SARB delivers 100 bps rate cut to fight coronavirus fallout

The South African Reserve Bank (SARB) cut its main lending rate by 100 basis points to 5.25% on Thursday in a unanimous decision, citing a dire local and global economic outlook due to the deepening impact of the coronavirus pandemic.

Nigeria eyes $4.9 bln budget cut amid coronavirus

Roughly 90% of the Nigerian government’s foreign exchange earnings come from sales of oil, prices of which have taken a beating amid lower Chinese demand and a price war between Saudi Arabia and Russia.

South Africa’s Massmart to close non-performing stores

South African retailer Massmart said on Thursday it had decided to close all of its non-performing stores, as cash-strapped consumers battle with high unemployment, modest wage increases and higher average fuel and utility prices.

South African rand, stocks sink as coronavirus pummels markets again

At 12:54 GMT, the rand traded at 16.9800 per dollar, 2.41% weaker than its previous close, while stocks lost the majority of the gains clawed back since Monday, when the Johannesburg Stock Exchange (JSE) suffered its biggest ever daily fall.

Billionaire Mark Cuban reveals what he’s been buying in the coronavirus stock market swings

Mark Cuban said Wednesday he’s been “dipping my toes” into the market during its recent stretch of coronavirus-driven volatility.

Kenyan banks to offer relief to distressed borrowers -central bank

The East African nation has four confirmed cases of the COVID-19 and the government has imposed measures aimed at reducing its spreads including banning public gatherings and closing schools indefinitely.

Latest

How The U.S. Fell Dangerously Behind In Coronavirus Testing

The deadly coronavirus pandemic has stopped the world in its tracks, and exposed a weak spot in the United States’ preparedness for a public health emergency. Experts say aggressive diagnostic testing is essential in order to learn where and how an

Abdul Samad Rabiu’s BUA Group pledges N1bn to fight COVID-19 in Nigeria

Entrepreneur Abdul Samad Rabiu's BUA Group has joined corporates and business leaders from Africa in donating money to fight the COVID-19 pandemic....

Tony Elumelu’s United Bank For Africa donates $14mn to COVID-19 relief across Africa, this is how it will be used…

Entrepreneur Tony Elumelu's UBA has joined corporates and business leaders from Africa in donating money to fight the COVID-19 pandemic. Below is...

Motsepe family & associates join Rupert and Oppenheimer families in donating R1bn to deal with COVID-19 pandemic

On Monday South Africa's President, Cyril Ramaphosa revealed that South Africa's richest families the Rupert and Oppenheimer families had each contributed ...

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.