JOHANNESBURG &#8211; 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.



At 0832 GMT, the rand traded at 17.7200 to the dollar, 0.73% stronger than its previous close. Stocks also rose. 



President Cyril Ramaphosa announced on Monday that South Africa would shut down for three weeks from Thursday in a bid to contain the coronavirus, joining a number of economies around the world taking drastic measures not usually seen in peacetime. 



While likely to have huge consequences for an economy that had already tipped into recession in the final quarter of last year, the measures were widely praised as the decisive, harsh action needed to contain the outbreak. 



The rand did not react to this announcement, Peregrine Treasury Solutions said in a note. The currency is usually led by global factors, and markets around the world were on Tuesday benefiting from an uptick in sentiment following the announcement of a package of extraordinary measures from the Fed. 



Peregrine said however that the rand would likely remain on the back foot. 



“The prospects for an already struggling local economy are now even more bleak, as all businesses except for essential services and goods are to be halted,” it said. 



The Johannesburg Stock Exchange’s Top-40 index was up around 4.5%, with the broader all-share index also rising by just shy of 4%. 



Miners were the biggest winners on the blue-chip index, with the likes of Sibanye-Stillwater, BHP Global and Anglo American Platinum enjoying rises of 13%, 10.9% and 9.9% as prices of commodities like oil, platinum and gold rose. 



But consumer-focused firms likely to be affected by the lockdown suffered. 



Bonds also took a tumble, with the yield on the benchmark instrument due in 2030 gaining 91 basis points to 13.215%. 



(Reporting by Emma Rumney; editing by Nick Macfie)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21B157-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21B157-OZABS</a> and is republished with its permission.

ArcelorMittal South Africa fined R3.64 million over hydrogen sulfide emissions

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

JOHANNESBURG (Reuters) &#8211; South Africa’s confirmed number of coronavirus cases rose to 554 on Tuesday from 402 a day earlier, as businesses raced to make plans for a nationwide lockdown from midnight on Thursday.



President Cyril Ramaphosa announced the 21-day lockdown in an address to the nation on Monday, saying Africa’s most advanced economy needed to escalate its response to curb the spread of the outbreak. 



South Africa has the highest number of confirmed coronavirus cases in sub-Saharan Africa, and public health experts are worried that the virus could overwhelm the health system if infection rates rise steeply. 



Health officials are working to expand the country’s coronavirus testing capacity and develop a plan to ensure there are enough intensive care beds with respirators. 



“The numbers, we mustn’t be shocked when we see them increase. But these measures if we all work together must turn the curve around,” Health Minister Zweli Mkhize told a televised news conference, saying South Africa could reach an inflection point in its infection curve two or three weeks after its lockdown restrictions enter into force. 



Two patients are in intensive care, but there have been no deaths from coronavirus in the country, Mkhize said. 



Agriculture Minister Thoko Didiza said the government had taken steps to ensure the lockdown would not affect food security. 



“There is no need to embark on panic-buying, the country has enough food supplies,” Didiza said, adding the government would be monitoring food retailers to ensure sellers do not inflate prices.



Aviation company Comair, a franchise partner of British Airways (BA), said it was suspending all flights it operates for BA and services on the kulula.com low-cost airline from Thursday until April 19. 



Tsogo Sun Gaming said its casinos and bingo sites would be closed by Wednesday. 



A bargaining council for the clothing manufacturing industry said it had reached a collective agreement for guaranteed pay for 80,000 workers for six weeks. 



(Reporting by Alexander Winning, Olivia Kumwenda-Mtambo and Emma Rumney; editing by Barbara Lewis)



This article was first published on Reuters Africa <a href="https://www.reuters.com/article/us-health-coronavirus-safrica-idUSKBN21B17D">https://www.reuters.com/article/us-health-coronavirus-safrica-idUSKBN21B17D</a> and is republished with its permission.

Ramaphosa tests negative for coronavirus as South Africa to begin lockdown

CR-lockdown

South Africa’s coronavirus cases reach 554, country braces for lockdown

STATEMENT BY PRESIDENT CYRIL RAMAPHOSA ON
ESCALATION OF MEASURES TO COMBAT COVID-19 EPIDEMIC



UNION BUILDINGS, TSHWANE



23 MARCH 2020



My fellow South Africans, 



It is a week since we
declared the coronavirus pandemic a national disaster and announced a package
of extraordinary measures to combat this grave public health emergency.



The response of the South
African people to this crisis has been remarkable.



Millions of our people have
understood the gravity of the situation.



Most South Africans have
accepted the restrictions that have been placed on their lives and have taken
responsibility for changing their behaviour.



I am heartened that every
sector of society has been mobilised and has accepted the role that it needs to
play.



From religious leaders to
sporting associations, from political parties to business people, from trade
unions to traditional leaders, from NGOs to public servants, every part of our
society has come forward to confront this challenge.



Many have had to make
difficult choices and sacrifices, but all have been determined that these
choices and sacrifices are absolutely necessary if our country is to emerge
stronger from this disaster.



Over the past week, South
Africans have demonstrated their determination, their sense of purpose, their
sense of community and their sense of responsibility.



For this, we salute you and
we thank you.



On behalf of the nation, I
would also like to thank the health workers, our doctors, nurses and paramedics
who are on the frontline of the pandemic, our teachers, border officials,
police and traffic officers and all the other people who have been leading our
response.



Since the national state of
disaster was declared, we have put in place a range of regulations and
directives.



These regulations have
restricted international travel, prohibited gatherings of more than 100 people,
closed schools and other educational institutions and restricted the sale of
alcohol after 6pm.



We reiterate that the most
effective way to prevent infection is through basic changes in individual
behaviour and hygiene.



We are therefore once more
calling on everyone to: 



<ul><li>wash hands frequently with hand
sanitisers or soap and water for at least 20 seconds;</li></ul>



<ul><li>cover our nose and mouth when
coughing and sneezing with tissue or flexed elbow;</li></ul>



<ul><li>avoid close contact with anyone with
cold or flu-like symptoms.</li></ul>



Everyone must do everything
within their means to avoid contact with other people.



Staying at home, avoiding
public places and cancelling all social activities is the preferred best
defence against the virus.



Over the past week, as we
have been implementing these measures, the global crisis has deepened.



When I addressed the nation
last Sunday there were over 160,000 confirmed COVID-19 cases worldwide.



Today, there are over
340,000 confirmed cases across the world.



In South Africa, the number
of confirmed cases has increased six-fold in just eight days from 61 cases to
402 cases.



This number will continue
to rise.



It is clear from the
development of the disease in other countries and from our own modelling that
immediate, swift and extraordinary action is required if we are to prevent a
human catastrophe of enormous proportions in our country.



Our fundamental task at
this moment is to contain the spread of the disease.



I am concerned that a rapid
rise in infections will stretch our health services beyond what we can manage
and many people will not be able to access the care they need.



We must therefore do
everything within our means to reduce the overall number of infections and to
delay the spread of infection over a longer period – what is known as
flattening the curve of infections.



It is essential that every
person in this country adheres strictly – and without exception – to the
regulations that have already been put in place and to the measures that I am
going to announce this evening.



Our analysis of the
progress of the epidemic informs us that we need to urgently and dramatically
escalate our response.



The next few days are
crucial.



Without decisive action,
the number of people infected will rapidly increase from a few hundred to tens
of thousands, and within a few weeks to hundreds of thousands.



This is extremely dangerous
for a population like ours, with a large number of people with suppressed
immunity because of HIV and TB, and high levels of poverty and malnutrition.



We have learnt a great deal
from the experiences of other countries.



Those countries that have
acted swiftly and dramatically have been far more effective in controlling the
spread of the disease.



As a consequence, the
National Coronavirus Command Council has decided to enforce a nation-wide
lockdown for 21 days with effect from midnight on Thursday 26 March.



This is a decisive measure
to save millions of South Africans from infection and save the lives of
hundreds of thousands of people.



While this measure will
have a considerable impact on people’s livelihoods, on the life of our society
and on our economy, the human cost of delaying this action would be far, far
greater.



The nation-wide lockdown
will be enacted in terms of the Disaster Management Act and will entail the
following:



<ul><li>From midnight on Thursday 26 March
until midnight on Thursday 16 April, all South Africans will have to stay at
home.</li></ul>



<ul><li>The categories of people who will be
exempted from this lockdown are the following: health workers in the public and
private sectors, emergency personnel, those in security services – such as the
police, traffic officers, military medical personnel, soldiers – and other persons necessary for our
response to the pandemic.</li></ul>



It will also include those involved in the production,
distribution and supply of food and basic goods, essential banking services,
the maintenance of power, water and telecommunications services, laboratory
services, and the provision of medical and hygiene products. A full list of
essential personnel will be published.



<ul><li>Individuals will not be allowed to
leave their homes except under strictly controlled circumstances, such as to
seek medical care, buy food, medicine and other supplies or collect a social
grant.</li></ul>



<ul><li>Temporary shelters that meet the
necessary hygiene standards will be identified for homeless people. Sites are
also being identified for quarantine and self-isolation for people who cannot
self-isolate at home.</li></ul>



<ul><li>All shops and businesses will be
closed, except for pharmacies, laboratories, banks, essential financial and
payment services, including the JSE, supermarkets, petrol stations and health
care providers. </li></ul>



Companies that are essential to the production and
transportation of food, basic goods and medical supplies will remain open. 



We will publish a full list of the categories of businesses
that should remain open. 
 




Companies whose operations require continuous processes such
as furnaces, underground mine operations will be required to make arrangements
for care and maintenance to avoid damage to their continuous operations. 
 




Firms that are able to continue their operations remotely
should do so.



<ul><li>Provision will be made for essential
transport services to continue, including transport for essential staff and for
patients who need to be managed elsewhere.</li></ul>



The nation-wide lockdown is
necessary to fundamentally disrupt the chain of transmission across society.



I have accordingly directed
the South African National Defence Force be deployed to support the South
African Police Service in ensuring that the measures we are announcing are
implemented.



&nbsp;This nationwide lockdown will be accompanied
by a public health management programme which will significantly increase
screening, testing, contact tracing and medical management.



Community health teams will
focus on expanding screening and testing where people live, focusing first on
high density and high-risk areas.



To ensure that hospitals
are not overwhelmed, a system will be put in place for ‘centralised patient
management’ for severe cases and ‘decentralised primary care’ for mild cases.



Emergency water supplies –
using water storage tanks, water tankers, boreholes and communal standpipes –
are being provided to informal settlements and rural areas.



A number of additional
measures will be implemented with immediate effect to strengthen prevention
measures. Some of those measures are that:



<ul><li>South African citizens and residents
arriving from high-risk countries will automatically be placed under quarantine
for 14 days.</li></ul>



<ul><li>Non-South Africans arriving on
flights from high-risk countries we prohibited a week ago will be turned back.</li></ul>



<ul><li>International flights to Lanseria
Airport will be temporarily suspended.</li></ul>



<ul><li>International travellers who arrived
in South Africa after 9 March 2020 from high-risk countries will be confined to
their hotels until they have completed a 14-day period of quarantine.</li></ul>



Fellow South Africans,



Our country finds itself
confronted not only by a virus that has infected more than a quarter of a
million people across the globe, but also by the prospects of a very deep
economic recession that will cause businesses to close and many people to lose
their jobs.



Therefore, as we marshal our
every resource and our every energy to fight this epidemic, working together
with business, we are putting in place measures to mitigate the economic impact
both of this disease and of our economic response to it.



We are today announcing a set of interventions that will
help to cushion our society from these economic difficulties.



This is the first phase of the economic response, and
further measures are under consideration and will be deployed as needed.



These interventions are quick and targeted.



Firstly, we are supporting the
vulnerable.



<ul><li>Following consultation with social
partners, we have set up a Solidarity Fund, which South African businesses,
organisations and individuals, and members of the international community, can
contribute to. </li></ul>



The Fund will focus efforts to combat the spread of the
virus, help us to track the spread, care for those who are ill and support
those whose lives are disrupted. 



The Fund will complement what we are doing in the public
sector. 



I am pleased to announce that this Fund will be chaired by
Ms Gloria Serobe and the deputy Chairperson is Mr Adrian Enthoven. 



The Fund has a website – www.solidarityfund.co.za – and you
can begin to deposit monies into the account tonight. 



The Fund will be administered by a reputable team of people,
drawn from financial institutions, accounting firms and government. 



It will fully account for every cent contributed and will
publish the details on the website. 



It will have a board of eminent South Africans to ensure
proper governance. 



To get things moving, Government is providing seed capital
of R150 million and the private sector has already pledged to support this fund
with financial contributions in the coming period.&nbsp;&nbsp; 



We will be spending money to save lives and to support the
economy. 
 




In this regard, we must applaud the commitment made in this
time of crisis by the Rupert and Oppenheimer families of R1 billion each to
assist small businesses and their employees affected by the coronavirus
pandemic.



<ul><li>We
are concerned that there are a number of businesses that are selling certain
goods at excessively high prices. This cannot be allowed.</li></ul>



Regulations have been
put in place to prohibit unjustified price hikes, to ensure shops maintain
adequate stocks of basic goods and to prevent people from ‘panic buying’.



It is important for all
South Africans to understand that the supply of goods remains continuous and
supply chains remain intact.



Government has had
discussions with manufacturers and distributors of basic necessities, who have
indicated that there will be a continuous supply of these goods. There is
therefore no need for stockpiling of any items. 



<ul><li>A
safety net is being developed to support persons in the informal sector, where
most businesses will suffer as a result of this shutdown. More details will be
announced as soon as we have completed the work of assistance measures that
will be put in place.</li></ul>



<ul><li>To alleviate congestion at payment
points, old age pensions and disability grants will be available for collection
from 30 and 31 March 2020, while other categories of grants will be available
for collection from 01 April 2020.</li></ul>



All channels for access will remain open, including ATMs,
retail point of sale devices, Post Offices and cash pay points.



Secondly, we are going to
support people whose livelihoods will be affected.



<ul><li>We
are in consultation on a proposal for a special dispensation for companies that
are in distress because of COVID-19. Through this proposal employees will
receive wage payment through the Temporary Employee Relief Scheme, which will
enable companies to pay employees directly during this period and avoid
retrenchment.</li></ul>



<ul><li>Any
employee who falls ill through exposure at their workplace will be paid through
the Compensation Fund.</li></ul>



<ul><li>Commercial
banks have been exempted from provisions of the Competition Act to enable them
to develop common approaches to debt relief and other necessary measures.</li></ul>



We have met with all
the major banks and expect that most banks will put measures in place within
the next few days. 



<ul><li>Many
large companies that are currently closed have accepted their responsibility to
pay workers affected. We call on larger businesses in particular to take care
of their workers during this period.</li></ul>



<ul><li>In
the event that it becomes necessary, we will utilise the reserves within the
UIF system to extend support to those workers in SMEs and other vulnerable
firms who are faced with loss of income and whose companies are unable to
provide support. Details of these will be made available within the next few
days.</li></ul>



Thirdly, we are assisting
businesses that may be in distress.



<ul><li>Using
the tax system, we will provide a tax subsidy of up to R500 per month for the
next four months for those private sector employees earning below R6,500 under
the Employment Tax Incentive. This will help over 4 million workers. </li></ul>



<ul><li>The
South African Revenue Service will also work towards accelerating the payment
of employment tax incentive reimbursements from twice a year to monthly to get
cash into the hands of compliant employers as soon as possible.</li></ul>



<ul><li>Tax
compliant businesses with a turnover of less than R50 million will be allowed
to delay 20% of their pay-as-you-earn liabilities over the next four months and
a portion of their provisional corporate income tax payments without penalties
or interest over the next six months. This intervention is expected to assist
over 75 000 small and medium-term enterprises.</li></ul>



<ul><li>We
are exploring the temporary reduction of employer and employee contributions to
the Unemployment Insurance Fund and employer contributions to the Skill
Development Fund. </li></ul>



<ul><li>The
Department of Small Business Development has made over R500 million available
immediately to assist small and medium enterprises that are in distress through
a simplified application process. </li></ul>



<ul><li>The
Industrial Development Corporation has put a package together with the
Department of Trade, Industry and Competition of more than R3 billion for
industrial funding to address the situation of vulnerable firms and to
fast-track financing for companies critical to our efforts to fight the virus
and its economic impact.</li></ul>



<ul><li>The
Department of Tourism has made an additional R200 million available to assist
SMEs in the tourism and hospitality sector who are under particular stress due
to the new travel restrictions.</li></ul>



I want to make it clear
that we expect all South Africans to act in the interest of the South African
nation and not in their own selfish interests. 



We will therefore act very
strongly against any attempts at corruption and profiteering from this crisis. 



I have directed that
special units of the NPA be put together to act immediately and arrest those
against who we find evidence of corruption. 



We will work with the
judiciary to expedite cases against implicated persons and make sure the guilty
go to jail.



South Africa has a safe, sound, well-regulated and
resilient financial sector. 



Since the global financial crisis, we have taken steps to
strengthen the banking system, including increasing capital, improving
liquidity and reducing leverage. 



With a strong financial sector and deep and liquid
domestic capital markets, we have the space to provide support to the real
economy. 



We can make sure money flows to firms and households. 



We can ensure that our markets are efficient.



Last week, in line with its Constitutional mandate, the
South African Reserve Bank cut the repo rate by 100 basis point. This will
provide relief to consumers and businesses.&nbsp;




The South African Reserve Bank has also proactively
provided additional liquidity to the financial system.



The Governor has assured me that the Bank is ready to do
‘whatever it takes’ to ensure the financial sector operates well during this
pandemic.



The banking system will remain open, the JSE will continue
to function, the national payment system will continue to operate and the
Reserve Bank and the commercial banks will ensure that bank notes and coins
remain available.



The action we are taking now will have lasting economic
costs.



But we are convinced that the cost of not acting now would
be far greater.



We will prioritise the lives and livelihoods of our people
above all else, and will use all of the measures that are within our power to
protect them from the economic consequences of this pandemic.



In the days, weeks and
months ahead our resolve, our resourcefulness and our unity as a nation will be
tested as never before.



I call on all of us, one
and all, to play our part. 



To be courageous, to be
patient, and above all, to show compassion.



&nbsp;Let us never despair.



For we are a nation at one,
and we will surely prevail.&nbsp; 



May God protect our people.



Nkosi Sikelel&#8217; iAfrika.
Morena boloka setjhaba sa heso.



God seën Suid-Afrika. God
bless South Africa.



Mudzimu fhatutshedza
Afurika. Hosi katekisa Afrika.



I thank you.

FULL ADDRESS: Ramaphosa announces nationwide lockdown from Thursday midnight

KINSHASA (Reuters) &#8211; 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.



The governor of Haut-Katanga province, Jacques Kyabula, issued the lockdown order late on Sunday and said the boundaries of the southeastern province would also be closed. Ivanhoe, MMG Ltd and Chemaf are among the mining companies with concessions in Haut-Katanga. 



Ivanhoe and MMG did not immediately respond to requests for comment. Sandeep Mishra, a general manager at Chemaf, confirmed its mines were suspending operations for two days to ensure the safety of employees. 



The governor of neighbouring Lualaba province, home to mines owned by Glencore and China Molybdenum, ordered all public markets to close on Monday except those selling food and medicine. 



The order by Lualaba Governor Richard Muyej does not appear to apply to mining activities. A Glencore spokesman declined to comment. China Molybdenum did not immediately respond to a request for comment. 



Together, Haut-Katanga and Lualaba account for nearly all of Democratic Republic of Congo’s output of cobalt, a component in electric car batteries. Congo produces about 60% of the world’s cobalt. 



Indigo Ellis, Head of Africa Research at global risk consultancy Verisk Maplecroft, said she expected the lockdown to weigh heavily on copper output. 



“The greatest risk to copper output from DR Congo is the potential for smelter or logistics-related bottlenecks, preventing mines from shipping concentrates,” Ellis said. 



Authorities are now trying to locate passengers who were on the flight on Sunday from the national capital Kinshasa to Lubumbashi, the capital of Haut-Katanga, on which two passengers tested positive for the coronavirus. 



In a video posted on Twitter, Governor Kyabula asked them to stay at home and contact the medical services. 



Only the military, police, medical staff and authorised civil servants will be allowed to travel around the province, he said. Otherwise, transport from trucks to bicycles and barges has been halted. 



“No activity will be tolerated in Haut-Katanga during this 48-hour period,” Kyabula said. 



The two cases from the flight took the number of confirmed coronavirus cases in Congo to 30, including two deaths. 



About 1,400 cases of coronavirus have now been reported across Africa, according to the World Health Organization. 



There are concerns that the continent will not be able to handle a surge in cases without the depth of medical facilities available in more developed economies. 



(Additional reporting by Helen Reid; additional reporting and writing by Aaron Ross; Editing by Mark Heinrich and Timothy Heritage)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN21A2FO-OZATP">https://af.reuters.com/article/topNews/idAFKBN21A2FO-OZATP</a> and is republished with its permission.

Congo imposes 48-hour lockdown on mining province over coronavirus

WASHINGTON (Reuters) &#8211; 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.



In a blog posted on LinkedIn on Sunday, David Malpass said funding for the projects could come out of a $14 billion Fast Track Facility (FTF) approved last week to help countries deal with the health and economic impact of the coronavirus. 



The respiratory disease has infected more than 305,000 people around the world, and killed more than 13,000, according to the latest Reuters tally. 



In the blog, Malpass said World Bank teams were preparing projects in 40 countries for up to $1.7 billion under the FTF. 



Projects in Afghanistan and Ethiopia were the most advanced and would be presented to the board this week, he said, teeing them up for formal approval. Work was also advancing on projects in 14 other countries, he said, without naming them. 



These projects could then be quickly replicated in other parts of the same country, through funding from other multilateral development banks, or in other countries. 



In addition, the Bank and the International Finance Corporation, the private sector arm of the Bank, were working to free up $1.5 billion in COVID-19 funding in 24 countries by restructuring existing projects, he said, without naming them. 



The IFC was also working to start extending trade finance and working capital lines to clients, with regular board action expected on those efforts in the next two to four weeks.



Malpass said Bank officials were in close touch with finance ministers and central bankers from around the world to discuss their needs and responses to the crisis. 



Bank officials had also identified ways to support countries as they race to procure much-needed medical equipment and upgrade medical facilities. 



(Reporting by Andrea Shalal; Editing by Peter Cooney)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21A0O6-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21A0O6-OZABS</a> and is republished with its permission.

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

JOHANNESBURG (Reuters) &#8211; South Africa’s Health Minister Zweli Mkhize said on Monday that the number of confirmed coronavirus cases had risen to 402, a jump of 128 since Sunday’s announcement that could worry public health experts concerned about the country’s readiness to deal with the epidemic. 



President Cyril Ramaphosa has declared a national state of disaster and imposed measures like travel bans to curb the spread of coronavirus. He is expected to address the nation later on Monday on new measures to mitigate the impact of the virus. 



(Reporting by Tanisha Heiberg; Editing by Alexander Winning)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN21A1U4-OZATP">https://af.reuters.com/article/topNews/idAFKBN21A1U4-OZATP</a> and is republished with its permission.

Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

South Africa’s confirmed coronavirus cases jump by 128 to 402

LAGOS (Reuters) &#8211; Nigeria confirmed its first fatality from coronavirus, the Nigeria Centre for Disease Control said in a tweet on Monday. 



The patient was a 67-year-old man who returned following a medical procedure in the United Kingdom with underlying medical conditions including multiple myeloma and diabetes and was undergoing chemotherapy, the NCDC said. 



(Reporting by Libby George; editing by Jason Neely)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN21A1KJ-OZATP">https://af.reuters.com/article/topNews/idAFKBN21A1KJ-OZATP</a> and is republished with its permission.

Nigeria confirms first fatality from coronavirus -NCDC

JOHANNESBURG (Reuters) &#8211; South African financial services group Alexander Forbes said on Monday a deal to purchase 200.8 million of its own shares from shareholder Mercer Africa for just over 1 billion rand ($56.36 million) was cancelled due to the impact of coronavirus on markets. 



Investment company African Rainbow Capital (ARC) will still acquire 193 million Alexander Forbes shares from Mercer for a similar price, increasing its shareholding to 33.9%, as planned. 



($1 = 17.7426 rand) 



(Reporting by Emma Rumney; Editing by Kim Coghill)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21A0NW-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21A0NW-OZABS</a> and is republished with its permission.

Alexander Forbes cancels $56 mln plan to buy out shareholder

Report by Julianna Tatelbaum



Key Points



<ul><li>The FDA commissioner has confirmed the agency is currently looking at drugs already approved for other diseases.</li></ul>



<ul><li>Biotech giant Regeneron Pharmaceuticals is trialing its drug kevzara for use against COVID-19.</li></ul>



<ul><li>Chloroquine is a generic malaria drug which has shown promise as a treatment against COVID-19.</li></ul>



Scientists around the globe are racing to develop tests, treatments and vaccines to combat the COVID-19 disease.&nbsp;



Near term, tests are the priority. Beyond testing, regulators are trying to get treatments approved as quickly and safely as possible to serve as a bridge to a vaccine, which is likely to take 12 months, according to the U.S. FDA Commissioner Stephen Hahn.&nbsp;&nbsp;



Health-care experts broadly agree that a treatment is likely to come before a vaccine. “If a good treatment emerges, whatever it is, we expect regulators to prioritize expeditious review,” Laura Sutcliffe, a UBS health-care analyst said in a research note.&nbsp;



<h2 class="wp-block-heading">Treatments</h2>



U.S. regulators are leaning heavily on previously developed treatments. At a press conference with President Donald Trump, the FDA commissioner confirmed the agency is currently looking at drugs already approved for other diseases. Several therapies have been thrust into the spotlight in recent days for their promise: <a href="https://www.cnbc.com/quotes/?symbol=GILD">Gilead</a>’s remdesivir, Regeneron’s kevzara and generic antimalarial drug chloroquine (and an alternative version called hydroxychloroquine).&nbsp;&nbsp;



Remdesivir was developed by U.S. pharma giant Gilead Sciences Inc and was previously tried as a treatment for Middle East Respiratory Syndrome (MERS), another type of coronavirus, and Ebola. Remdesivir is currently in clinical trials and is also permitted for compassionate use&nbsp; — meaning it can be used to treat a severely ill patient when no other treatments are available. The Credit Suisse pharma team note that this is the most advanced novel therapy, but they have concerns about supply.&nbsp;&nbsp;



Biotech giant <a href="https://www.cnbc.com/quotes/?symbol=REGN">Regeneron Pharmaceuticals</a> is trialing its drug kevzara for use against COVID-19. It is currently used to treat rheumatoid arthritis. Regeneron co-developed the drug with French health-care firm <a href="https://www.cnbc.com/quotes/?symbol=SAN-FR">Sanofi</a>.&nbsp;&nbsp;



Chloroquine is a generic malaria drug which has shown promise as a treatment against COVID-19. German biosciences conglomerate, <a href="https://www.cnbc.com/quotes/?symbol=BAYN-DE">Bayer</a>, announced Tuesday it has donated 3 million tablets of its malaria drug resochin which is made of chloroquine phosphate, to the U.S. government to aid in the fight against the virus.&nbsp;&nbsp;



The Credit Suisse pharma team see manufacturing and supply as the key challenge for the majority of proposed COVID-19 therapies and, in due course, vaccines: “A global pandemic requires a huge volume of drug in a very short space of time. Stocks of legacy drugs, new drug candidates will take months to build, in our view.”



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<h2 class="wp-block-heading">Vaccines&nbsp;</h2>



Usually vaccine development takes more than five years and requires significant capital investment. This lengthy process has created problems in the past, for example with Ebola.&nbsp;



But the scientific community is better prepared now than it was for Ebola, argues Sutcliff. A body was set up to coordinate developing vaccines for pandemics and researchers can now leverage work done during previous outbreaks to propel them forward.&nbsp;&nbsp;



While meaningful progress has been made in recent weeks, in particular from biotech firms specializing in mRNA molecules (these are used to instruct the body to produce its own response to fight a range of diseases) like Moderna and BioNtech, this approach has been more successful in veterinary medicine than in humans. There is no guarantee they will be successful. In parallel to the work being done by these biotech firms, traditional pharma giants like <a href="https://www.cnbc.com/quotes/?symbol=GSK-GB">GlaxoSmithKline</a> and Sanofi are leaning on their experience dealing with seasonal flu to try to come up with an immunization. But even then, there is no guarantee of success.&nbsp;&nbsp;



<h2 class="wp-block-heading">Testing&nbsp;</h2>



Several countries, in particular the U.S. and the U.K. are facing heavy criticism from health-care experts over testing. British Prime Minister Boris Johnson said Thursday the U.K. is in negotiations to buy hundreds of thousands of tests which would be able to detect whether someone has had COVID-19 by checking the presence of antibodies. He argued this could turn the tide in the fight against the virus.&nbsp;&nbsp;



<h2 class="wp-block-heading">A continuous process&nbsp;&nbsp;&nbsp;</h2>



Health-care companies and regulators have a fine balancing act to maintain: They must race against the clock to get effective treatments and vaccines to market, but they must also ensure those treatments do not have negative effects on patients.&nbsp;



That requires rigorous and time-intensive clinical trials. This is a continuous process and every aspect of the solution matters — from testing to treatment to immunization.



This article was first published on CNBC <a href="https://www.cnbc.com/2020/03/20/a-coronavirus-treatment-could-come-much-quicker-than-a-vaccine.html">https://www.cnbc.com/2020/03/20/a-coronavirus-treatment-could-come-much-quicker-than-a-vaccine.html</a> and is republished with its permission.

Hopes are high for a coronavirus treatment, which could come much quicker than a vaccine

Report by Elias Biryabarema



KAMPALA (Reuters) &#8211; 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.



The government has cut its economic growth forecast this fiscal year to 5.2–5.7% from an initial projection of 6%, the minister, Matia Kasaija, said in a statement late on Thursday. 



The disruption caused by the coronavirus are expected to cut industrial output, tourism earnings and the government’s tax collections. 



The government will seek a $100 million budget support loan for this financial year and a further $90 million for the next financial year , Kasaija said. 



It will also approach the International Monetary Fund for help with a projected decline in foreign exchange reserves from 4.2 months worth of imports to 3.5 months. 



The Ugandan shilling declined sharply this week, prompting the central bank to intervene three times in a row to sell dollars and offer support. 



Kasaija said as a result of the economic upheaval from the outbreak, Uganda’s imports were expected to decline 44% in the four months to June. The expected widespread loss of jobs was likely to push an estimated 780,000 people into poverty, he said. 



Uganda has not reported any cases of the coronavirus, which emerged in China late last year and has been spreading around the world. 



Nevertheless, on Wednesday, the government ordered the closing of schools, bars and it banned public gatherings to prevent any outbreak. 



($1 = 3,835.0000 Ugandan shillings) 



(Editing by Duncan Miriri and Robert Birsel)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2171ED-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2171ED-OZABS</a> and is republished with its permission.

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

JOHANNESBURG (Reuters) &#8211; South Africa’s Health Minister Zweli Mkhize said on Friday that the number of confirmed coronavirus cases had risen by 52 to 202, with the first cases recorded in the Free State province. 



The virus has multiplied in Africa more slowly than in Asia or Europe, but the number of cases has started to rise more rapidly in South Africa in recent days. Africa’s most industrialised economy has the most cases in sub-Saharan Africa. [nL8N2BC6GN] 



(Reporting by Tanisha Heiberg; Editing by Alexander Winning)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2171D5-OZATP">https://af.reuters.com/article/topNews/idAFKBN2171D5-OZATP</a> and is republished with its permission.

COVID-19 cases rise to 202 in South Africa

JOHANNESBURG (Reuters) &#8211; South Africa’s biggest supermarket Shoprite will limit purchases of some food products and medicines, it said on Thursday, as frantic shoppers stripped shelves to prepare for possible isolation during the coronavirus outbreak. 



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. 



Countries across Africa reporting their first coronavirus cases have seen a rush on shops, with customers piling trolleys with wipes, sanitizer, and staples like rice and long-life milk. 



To ensure more people have access to everyday essentials, Shoprite said it is now rationing the sale of toilet paper, tissues, wipes, liquid soap, hand sanitizer as well as some tinned foods, cereals, antiseptic disinfectant liquids, medicines and vitamins. 



On Wednesday, Woolworths said it is introducing a limit of only three items per product and per customer on every grocery line, while Massmart’s Makro has also restricted purchases of essential items like rice, frozen chicken and toilet paper. 



“Unfortunately many consumers have not yet heeded to the call to refrain from stockpiling, therefore rationing the sale of certain products has become necessary,” Shoprite said in a statement. 



Shoprite said it has also allocated special till points for pensioners and vulnerable people including those with disabilities at its Shoprite and Checkers supermarkets. 



“The group appeals to senior citizens to shop outside of peak travel times and when stores are quieter to minimise exposure,” it said. 



(Reporting by Nqobile Dludla, Editing by William Maclean)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN21629V-OZATP">https://af.reuters.com/article/topNews/idAFKBN21629V-OZATP</a> and is republished with its permission.

Panic buying forces South African supermarkets to ration food

PRETORIA, March 19 (Reuters) &#8211; 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.



The cut, which helped drag the rand from levels near its lowest ever, was twice as large as the half-percentage-point predicted by a Reuters poll last week. Only one of the 22 analysts polled had forecast the aggressive 100 bps move.



The SARB has not cut in increments larger than 25 bps since 2012.



“The technical recession of the latter half of 2019 contributed to the lower economic growth forecast,” SARB Governor Lesetja Kganyago told a news conference in the capital Pretoria. 



“Additionally, COVID-19 and existing constraints such as load-shedding (by power utility Eskom) imply significant downside risk to the growth outlook,” Kganyago said.



Africa’s most developed economy slipped into its second recession in two years in 2019 as agriculture, transport and construction activity contracted, with an unreliable power supply the main impediment to growth.



This article was first published on Reuters Africa <a href="https://in.reuters.com/article/safrica-economy-rates-idUSL8N2BC69K">https://in.reuters.com/article/safrica-economy-rates-idUSL8N2BC69K</a> and is republished with its permission.

SARB delivers 100 bps rate cut to fight coronavirus fallout

By Cooper Inveen



FREETOWN (Reuters) &#8211; Shoppers threaded their way between stalls hawking everything from watches to pigs’ feet in Sierra Leone’s capital on Wednesday, two days after the government banned large gatherings to combat the coronavirus but exempted markets such as this.



Buyers and sellers at the Abacha market say they can’t afford to stay away anyway. They depend on it for their daily food and wages. 



A growing number of African countries are announcing increasingly restrictive measures to try to halt the spread of the virus, which has infected more than 200,000 people globally and killed nearly 9,000. They have shut borders, closed schools and universities and barred large public gatherings. 



On Wednesday, Uganda banned religious gatherings and weddings, despite not having a single coronavirus case. South Africa strongly encouraged restaurants and bars to provide take-out services only. 



Sierra Leone, despite not having a reported infection, banned gatherings of more than 100 people on Monday. Markets that draw thousands of people were exempt. 



“We don’t have this virus here yet, so why should we stop?” said Abacha soap vendor Adama Jalloh, as a baby dozed against the back of her traditional print dress. 



“Even during Ebola time we were able to sell,” she said, referring to a deadly outbreak that killed thousands in West Africa in 2013-16. 



Africa was slower to feel the impact than Asia or Europe, but 31 African nations have now recorded cases, with 13 reported deaths. The World Health Organization on Wednesday advised African countries to avoid mass gatherings and “wake up” to the growing threat. 



<h3 class="wp-block-heading">PATIENTS ON THE RUN </h3>



On Wednesday, Kenya &#8211; which has seven cases &#8211; announced that anyone entering the country who fails to observe the required 14 days of self-isolation would be arrested. But there’s no system for monitoring new arrivals, and some flout the rules. 



A Kenyan legislator who turned up in parliament this week was forced out by cries of “quarantine! quarantine!” after another lawmaker pointed out he’d recently arrived from London. 



In South Africa, which has 116 cases &#8211; more than any other sub-Saharan nation &#8211; a family that tested positive for the virus refused to go into quarantine this week, forcing officials to get a court order. 



“Patients who are tested positive for the COVID-19 virus are required to stay (in quarantine). Not for their safety, but also for the safety of others,” said Kwara Kekana, spokeswoman for the Gauteng provincial health department. 



Some Africans find the measures draconian. 



In western Ivory Coast, which has only six coronavirus cases and no deaths, some people thought it was a bit much when the government told them to keep one metre apart and wash their hands rigorously. 



“People are exaggerating a bit. The disease hasn’t really spread far here, and they’re scaring us by telling us not to greet and to wear masks,” said Namory Doumbia, a 28-year-old chauffeur. 



Bans on large gatherings are sometimes selectively applied, confusing citizens. Senegal, a mostly Muslim West African country, cancelled religious festivals five days ago, but initially spared Islamic prayers. 



“We cannot forbid religious gatherings,” said Mbackiou Faye, a representative of Senegal’s powerful Mouride Muslim brotherhood. “It is with our prayers and our incantations that God answers them and spares us from diseases.” 



Late on Wednesday, Senegal &#8211; which has 36 cases &#8211; ordered both churches and mosques closed. But they remained open in other nations like Burkina Faso, where hundreds prayed together side-by-side in one of the capital’s largest mosques. 



Both Kenya and South Africa have directed public minibuses that provide transport to millions of people to provide passengers with hand sanitizers. Checks by Reuters revealed that few had done so. 



Passengers at a busy minibus rank in Johannesburg’s financial centre said they lived too far from their jobs to walk, and there was no other transportation. 



“I don’t feel safe in the (minibus) taxi,” said 29-year-old Lerato Sibandi, who needed to travel to her retail job. “But I don’t have a choice.” 



(Reporting by Tumelo Modiba in Johannesburg, Humphrey Malalo, Omar Mohammed and George Obulutsa in Nairobi, Hereward Holland in Kinshasa, Christophe Van Der Perre in Dakar,and Loucoumane Coulibaly in Abidjan; Writing by Tanisha Heiberg and Katharine Houreld; Editing by Alexandra Zavis and Nick Macfie)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2160WG-OZATP">https://af.reuters.com/article/topNews/idAFKBN2160WG-OZATP</a> and is republished with its permission.

Africa talks tough against coronavirus but many wonder why

ABUJA (Reuters) &#8211; Nigeria is looking at reducing its budget by 1.5 trillion naira ($4.90 billion) as the global spread of the coronavirus takes a massive toll on Africa’s largest economy and one of the continent’s biggest oil producers, the finance minister said on Wednesday. 



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. 



Finance Minister Zainab Ahmed last week said the 2020 budget would have to be cut. The spending plan, which was calculated assuming crude production of 2.18 million barrels a day at a price of $57 per barrel, was passed in December. 



“We are working on a worst-case scenario of an oil benchmark of $30 per barrel and a production of 2.1 million (barrels a day),” Ahmed told reporters at a briefing after a regular Cabinet meeting. 



International benchmark Brent crude on Wednesday reached a 16-year low of about $25 a barrel, dragged down by concerns about the impact of the coronavirus on the global economy, a collapse in oil demand and a supply glut. [O/R] 



Nigeria is still struggling to shake off a 2016 recession, which was caused by the oil price collapse of late 2014, with economic growth currently at around 2%. 



The West African country, which has deep trade ties with China, has also felt the impact of the coronavirus due to disrupted supply chains. 



($1 = 306.0000 naira) 



(Reporting by Felix Onuah; Writing by Paul Carsten; Editing by Alexis Akwagyiram and Leslie Adler)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2160YK-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2160YK-OZABS</a> and is republished with its permission.

Nigeria eyes $4.9 bln budget cut amid coronavirus

NAIROBI (Reuters) &#8211; Mauritius has confirmed its first three cases of coronavirus, its government said in a statement on Thursday. 



“It concerns three Mauritian nationals who have travelled back to Mauritius recently aged 21, 25 and 59 years respectively. Two have worked on cruise ships and one is from the United Kingdom,” the government said in a statement on its website. 



(Reporting by George Obulutsa; Editing by Sandra Maler)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2160YB-OZATP">https://af.reuters.com/article/topNews/idAFKBN2160YB-OZATP</a> and is republished with its permission.

Mauritius confirms first three cases of coronavirus

JOHANNESBURG (Reuters) &#8211; South Africa’s rand fell to a more than four year low, stocks sunk back to 2013 levels and bond yields spiked on Wednesday, as a wave of stimulus from governments around the world failed to quell panic about the coronavirus pandemic.



At 12:54 GMT, the rand &lt;ZAR=D3 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. 



Markets globally were stumbling again as cases of coronavirus continued to rise and countries took increasingly draconian measures to stem the increase, with a flight from riskier assets being felt across emerging markets. 



“The rand is not alone in its losses &#8230; unfortunately the rand being as liquid as it is, it’s being caught up in the foray,” said Quinten Bertenshaw, director at ETM Trading. 



“Anybody that’s looking to hedge out any EM (emerging market) risk at the moment will be doing it in the rand.” 



The ongoing rout in South African markets means there is mounting pressure on the South African Reserve Bank ahead of a key interest rate decision on Thursday, when it is expected to cut rates in a bid to shore up an already ailing economy. 



Numerous other central banks and governments around the world have stepped in to provide large-scale support measures to businesses and consumers hurt by the coronavirus fallout. 



While Bertenshaw said a 100 basis point interest rate cut was a possibility, he added it would have to come alongside a “concerted fiscal effort” from the government, though it might not have the room in its budget to do what is required to keep the economy afloat. 



South Africa tipped into recession in the final quarter of last year, and the pandemic is expected to make matters worse by hitting tourist arrivals and commodity exports to major trading partner China. 



Both the JSE’s blue-chip top-40 index and the broader all-share index were down by around 7.5%. Many financial firms suffered, with the banking index down 12.17%. 



Other firms that bore the brunt of the declines on the blue-chip index were Impala Platinum Holdings, down 36%, and petrochemicals company Sasol. 



In fixed income, the yield on the 10-year government bond due in 2030 jumped by 75.5 basis points to 11.5%. 



(Reporting by Olivia Kumwenda-Mtambo and Emma Rumney; Editing by Amy Caren Daniel and Mark Potter)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2152B6-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2152B6-OZABS</a> and is republished with its permission.

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Panic buying forces South African supermarkets to ration food

SARB delivers 100 bps rate cut to fight coronavirus fallout

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Mauritius confirms first three cases of coronavirus

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coronavirus outbreak

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

South Africa’s coronavirus cases reach 554, country braces for lockdown

FULL ADDRESS: Ramaphosa announces nationwide lockdown from Thursday midnight

Congo imposes 48-hour lockdown on mining province over coronavirus

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

South Africa’s confirmed coronavirus cases jump by 128 to 402

Nigeria confirms first fatality from coronavirus -NCDC

Alexander Forbes cancels $56 mln plan to buy out shareholder

Hopes are high for a coronavirus treatment, which could come much quicker than a vaccine

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

COVID-19 cases rise to 202 in South Africa

Panic buying forces South African supermarkets to ration food

SARB delivers 100 bps rate cut to fight coronavirus fallout

Africa talks tough against coronavirus but many wonder why

Nigeria eyes $4.9 bln budget cut amid coronavirus

Mauritius confirms first three cases of coronavirus

South African rand, stocks sink as coronavirus pummels markets again

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