Home Southern Africa

Southern Africa

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.

COVID-19 UPDATE – Top cop Cele slams drinking in the face of death.

“These people don’t have the good will and were doing something they were told not to do. Some were opening up a street bash at midnight. Some were taking bush chairs and sitting under trees to drink.

Vodacom chairman to retire in July

The chairman of Vodacom Group, Jabu Moleketi, will step down from the board and retire on July 21, the South African telecoms firm said on Friday.

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.

S.Africa COVID-19 cases exceed 1,000, first two dead reported

Cases of COVID-19 in South Africa passed 1,000 on Friday, the health ministry said, while also reporting its first two deaths on the first day of a three-week, nationwide lockdown.

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.

Latest

Is the S&P 500 likelier to hit 2,900 or 1,800 by the end of 2020? | Capital Connection

Stephane Monier of Lombard Odier Private Bank outlines the two scenarios which could play out for the markets, and gives his potential targets for the S&P 500 under each one.

Expecting deep recession followed by sharp recovery: Goldman Sachs strategist | Squawk Box Europe

Silvia Ardagna, managing director of the investment strategy group at Goldman Sachs Private Wealth Management, shares her outlook for the economy amid the coronavirus crisis.

Expect ‘very significant topline decline’ for luxury brands: Analyst | Squawk Box Europe

Luca Solca, senior research analyst for global luxury goods at Bernstein, outlines how the coronavirus crisis is impacting the luxury sector.

Little chance that an OPEC+ deal will save the oil market from virus slump | Capital Connection

Victor Shum of IHS Markit says an agreement between Saudi Arabia and Russia looks unlikely and any production cut is too little too late.

New tool may be able to predict severe COVID-19 cases, NYU professor says | Squawk Box Europe

Professor Anasse Bari of NYU's Courant Institute of Mathematical Sciences outlines how machine learning and artificial intelligence could help in the fight against the coronavirus crisis.