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<p>More and more companies, engaging in price gouging, are finding themselves in a spot of bother, as consumers refuse to stand for it. The Competition Tribunal has confirmed three more consent agreements, relating to COVID-19 excessive pricing complaints. Since April, over 20 agreements have been confirmed. Bob Makukunzva, Lawyer at Gwina Attorneys joins CNBC Africa for more.</p>


Is the SA govt. doing enough to deter COVID-19 price gouging?


<p>Why the Covid-19 crisis proves the power and promise of the AfCFTA</p>



<p></p>



<p>The African Continental Free Trade Agreement was ratified last year but this year’s onset of the covid-19 pandemic forced African Union leaders to postpone its taking effect. The disease has had a serious impact on the continent, having claimed prominent leaders and infecting 578,207 in confirmed cases as of July 12<sup>th</sup> according to the Africa CDC, Johns Hopkins and government data. The economic fallout has probably been even more severe; lockdowns and supply chain seizures to import dependent African nations have severely impacted incomes and livelihoods for Africa’s largely informal workforce. However, the crisis has focused the minds of African policy makers around the necessity to create a more resilient healthcare system and the need to manufacture more of its critical needs at home. This renewed focus on productive self sufficiency can be assisted significantly by implementing the AfCFTA.</p>



<p>Covid-19 has provided the previously missing urgency amongst leaders around developing the sort of coherent industrial policy necessary to get any benefit from a continental free trade zone. Africa manufactures very little at the moment and many critics rightly questioned the wisdom of liberalizing internal borders without having African produced goods to sell across them. There is still great risk that creating this internal free market gets exploited by existing low-cost producers in Asia and Europe, limiting the job-creating potential its architects intend. But the recent response to the novel coronavirus may offer a blueprint on how to ensure the realization of the AfCFTA dream.</p>



<p>The vast market created by AfCFTA will provide an immediate boon to nascent plans being guided by the African CDC, NEPAD and others to produce various critical healthcare items such as pharmaceutical compounds, PPE and ventilators in countries such as Nigeria, South Africa and Kenya. The sudden demand for these life saving products and the enormous logistical challenges African nations suffered attempting to secure supplies from East Asia and Western Europe has left a lasting impression. During the initial frenzy of procurement countries around the globe raced to stockpile PPE and ventilators, in many cases shutting individual African nations who lacked the financial firepower and sufficient order quantities to elbow into global queues for scarce supplies at mainly Chinese manufacturers.</p>



<p>In response, the African Union launched a pooled procurement online market place to aggregate the orders of African nations. Now leaders and businessmen are going a step further – setting up supply for this local demand on African soil. A range of textile firms, diaper manufacturers and equipment makers are adding additional lines and re-purposing existing capacity to produce PPE, medical equipment and ventilators. A surfeit of concessional finance, international donors and grants from African philanthropists such as Aliko Dangote and Mike Adenuga has bolstered the purchasing power of African health ministries, jump starting demand for new output.</p>



<p>AfCFTA’s implementation can help sustain the opportunity for new production capacity and demonstrate the power of the shared market to would-be entrepreneurs in other sectors. The key deciding factor for the success of the continental free zone will be Africa’s indigenous business community rising to the occasion – manufacturing for the needs of Africa’s 1.2 billion consumers. To encourage those entrepreneurs and investors African governments and supranational indigenous bodies like the African Union should build on the lessons they have learned in rapidly coordinating to intervene in the covid-19 response. The same tools and institutional structures being pulled together to rapidly promote the production of healthcare items and vaccine delivery should immediately be expanded and adapted to FMCG, automotive assembly, apparel and other heavily consumed items across the African continent. It is only with this emphasis on local production that Africa will enjoy the dividends of the AfCFTA: jobs for its young, growing population and meaningful wealth creation for its business community and their investors.<br><br><em>Franklin Olakunle Amoo is the managing partner of Baylis Emerging Markets, an investment firm focused on African industry and manufacturing. Baylis is a founding partner of the Africa Pandemic Response Alliance, an African led initiative coordinating the response to the covid-19 pandemic on the continent</em></p>


cnbc

COMMENT: AfCFTA  is economic medicine Africa needs to recover from the covid-19 pandemic


<p>LONDON (Reuters) &#8211; Around 200 people employed to pick crops at a farm near Malvern in England’s West Midlands region have been told to self isolate after 73 of them tested positive for COVID-19, Public Health England (PHE) and Herefordshire Council said on Sunday.</p>



<p>The number of new confirmed COVID-19 cases across Britain each day has been falling from a peak of more than 6,000 in April to 650 in the latest figures released on Sunday, despite wider availability of testing.</p>



<p>However, there have been local outbreaks, with a significant number linked to meat packing plants.</p>



<p>The AS Green and Co farm site has been placed in lockdown to try to contain the outbreak, which follows other clusters of cases at food producers, PHE and Herefordshire Council said.</p>



<p>During the harvest season, workers who pick and pack vegetables, live in mobile homes based on the farm.</p>



<p>Katie Spence, PHE Midlands Health Protection Director, said the company had put infection control measures in place to try to reduce the risk of staff becoming exposed to COVID-19.</p>



<p>“Despite these measures, a small number of workers became symptomatic earlier this week and they and a few close contacts among the workforce were tested initially and found to be positive,” she said.</p>



<p>“As we have seen a global trend of large food producers being subject to outbreaks, as a precautionary measure, the decision was made to test the entire workforce.”</p>



<p>She said the initial results showed a significant percentage of positive cases, despite the individuals being asymptomatic.</p>


malvern

More than 70 workers test positive for COVID-19 on an English farm


<p>Booze manufacturers are likely to be fuming as President Cyril Ramaphosa shut down South Africa&#8217;s lucrative alcohol sales for the second time this year.</p>



<p>President Ramaphosa is under pressure to take decisive action as the COVID-19 pandemic is expected to kill up to 50,000 South Africans and ismonths away from its peak. Already it has seen 276,242 cases &#8211; with more than 100,000 in Gauteng alone and 80,000 in the Eastern Cape &#8211; with 4079 people losing their lives.</p>



<p>In his address to the nation from the Union Buildings in Pretoria, President Ramaphosa said many of the cases that came into hospitals were related to the consumption of alchohol that justified a ban on sales forthwith. He said this would also be strengthened by a curfew between 9 PM and 4 AM daily. as the state of national disaster was extended to August 15.</p>



<p>&#8220;We have to make sure there are sufficient beds in hospital and they are not occupied by people who are there because of alcohol,&#8221;says Ramaphosa. </p>



<p>It is only a matter of weeks that the ban on the sale of alcohol was lifted after the national lockdown of the entire economy in March.</p>



<p>The ban not only gave rise to a thriving black market, but also cost the drinks companies billions that it was starting to recoup with the resumption of sales.   </p>



<p>Distell, the maker of the Savanna, Hunter’s Dry and Nederburg brands, says it saw a spike in demand as restrictions on selling of alcohol have eased. Even then volumes were down a bout a quarter year on year.</p>



<p>From July 1 2019 to the end of June 2020, its South African revenue was down by 18.3% and volumes by 25.6%, the liquor group said in a trading statement.</p>



<p>Many more losses are likely for the drinks companies in the months ahead as South Africa battles with a pandemic that looks far from over.</p>



<p></p>


gettyimages-1006175054-594×594

COVID-19: No more booze for now says Ramaphosa


<p></p>



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<p>(Reuters) &#8211; New cases of COVID-19 rose by over 69,000 across the United States on Friday, according to a Reuters tally, setting a record for the third consecutive day as Walt Disney Co stuck to its plans to reopen its flagship theme park in hard-hit Florida.</p>



<



<p>A total of nine U.S. states &#8211; Alaska, Georgia, Idaho, Iowa, Louisiana, Montana, Ohio, Utah and Wisconsin &#8211; also reached records for single-day infections.</p>



<p>In Texas, another hot zone, Governor Greg Abbott warned on Friday he may have to impose new clampdowns if the state cannot stem its record-setting caseloads and hospitalizations through masks and social distancing.</p>



<p>“If we don’t adopt this best practice it could lead to a shutdown of business,” the Republican governor told local KLBK-TV in Lubbock, adding it was the last thing he wanted.</p>



<p>California announced on Friday the state will release up to 8,000 inmates early from prisons to slow the spread of COVID-19 inside the facilities. At San Quentin State Prison, outside San Francisco, half of the facility’s roughly 3,300 prisoners have tested positive for the virus.</p>



<p>The Walt Disney Co (<a href="https://www.reuters.com/companies/DIS.N">DIS.N</a>) said the theme parks in Orlando would open on Saturday to a limited number of guests who along with employees would be required to wear masks and undergo temperature checks. The park also cancelled parades, firework displays and events that typically draw crowds.</p>



<p>Disney’s chief medical officer said earlier this week she believed the rules would allow guests to visit the park safely.</p>



<p>Roughly 19,000 people, including some theme park workers, have signed a petition asking Disney to delay the reopening. The union representing 750 Walt Disney World performers has filed a grievance against the company, claiming retaliation against members over a union demand that they be tested for COVID-19.</p>



<figure class="wp-block-image"><img decoding="async" src="https://s4.reutersmedia.net/resources/r/?m=02&amp;d=20200710&amp;t=2&amp;i=1525351613&amp;r=LYNXMPEG691TW&amp;w=940" alt=""/></figure>



<p>Sun seekers gather at Clearwater Beach, which remains open despite high numbers of coronavirus disease (COVID-19) infections in the state, on Independence Day in Clearwater, Florida, U.S. July 4, 2020. REUTERS/Drone Base</p>



<p>Other theme parks opened in Orlando in June, including Comcast Corp’s (<a href="https://www.reuters.com/companies/CMCSA.O">CMCSA.O</a>) Universal Studios Orlando and SeaWorld Entertainment Inc’s (<a href="https://www.reuters.com/companies/SEAS.N">SEAS.N</a>) SeaWorld.</p>



<p>Florida remains one of the worst hotspots for the virus in the nation and is among a handful of states where deaths are rising, based on a Reuters analysis of fatalities in the last two weeks, compared with the prior two weeks.</p>



<p>On Thursday, the state reported a record 120 deaths and added another 92 on Friday. It recorded 11,433 new coronavirus cases on Friday, just short of the state’s record, and nearly 7,000 hospitalizations.</p>



<h3 class="wp-block-heading">ANTIVIRAL DRUG TO FLORIDA</h3>



<p>More than four dozen hospitals in Florida have reported their intensive care units were full.</p>



<p>This month, Florida has repeatedly reported more new daily coronavirus cases than any European country had at the height of their outbreaks. Florida Governor Ron DeSantis, a Republican, angered some residents and medical experts by calling the spike a “blip”.</p>



<p>On Friday, DeSantis said that the state would receive more than 17,000 vials of the antiviral drug remdesivir from the U.S. government, adding: “That’ll be something that will hopefully help to improve patient outcomes.”</p>



<p>Scott Burkee, a 43-year-old former Disney employee from Davenport, Florida, said DeSantis “has shown zero effort to control the spread, he only becomes concerned when Trump does. The virus is clearly out of control.”</p>



<p>Trump, a Republican, traveled to Florida on Friday for an event at the U.S. military’s Southern Command and a campaign fundraiser.</p>



<p>The president has sparred with state and local officials and teachers unions over the reopening of schools and said on Friday the Treasury Department would re-examine the tax-exempt status and funding of those that remain closed.</p>



<figure class="wp-block-image"><img decoding="async" src="https://s4.reutersmedia.net/resources/r/?m=02&amp;d=20200710&amp;t=2&amp;i=1525329576&amp;r=LYNXMPEG691L9" alt=""/></figure>



<p>FILE PHOTO: Crowds walk along Main Street toward Cinderella Castle and Tomorrowland at Disney&#8217;s Magic Kingdom on the final day before closing in an effort to combat the spread of coronavirus disease (COVID-19), in an aerial view in Orlando, Florida, U.S. March 15, 2020. Picture taken March 15, 2020. REUTERS/Gregg Newton</p>



<p>Trump previously vowed to cut federal funding to the schools and eject foreign students attending universities in the United States unless their schools offer in-person classes. Most education funds come from state and local coffers.</p>



<p>The number of confirmed U.S. infections is over 3 million, according to a Reuters tally, stoking fears that hospitals will be overwhelmed.</p>



<p>Nearly 134,000 Americans have died, a toll that experts warn will likely surge along with the rise in cases.</p>



<p>Overall, coronavirus cases are rising in 44 American states, based on a Reuters analysis of cases for the past two weeks compared with the prior two weeks.</p>


How Coronavirus Is Testing The U.S. Federal Government

U.S. sets record for new COVID cases third day in a row at over 69,000


<p>NAIROBI (Reuters) &#8211; African countries must carry out more coronavirus testing and make people use masks, a regional disease control body said on Thursday as cases topped half a million in the continent.</p>





<p>New cases in Africa were up 24% over the past week, with data from governments and the World Health Organization showing it had 512,499 confirmed COVID-19 cases, with 11,930 deaths.</p>



<p>“The pandemic is gaining full momentum,” John Nkengasong, head of the Africa Centres for Disease Control and Prevention (CDC), told a virtual news briefing from Addis Ababa.</p>



<p>Nkengasong said African countries, many of which do not have reliable data, must adopt an aggressive approach to encourage the wearing of face masks and ramp up testing and tracing.</p>



<p>“This will save lives and save (the) economy.”</p>



<p>Egypt, Nigeria, South Africa, Ghana, and Algeria account for 71% of infections on the continent, Nkengasong said.</p>



<p>Some governments have been reluctant to acknowledge epidemics or to expose crumbling health systems to outside scrutiny, while others are either too poor or conflict-ridden to carry out significant testing.</p>



<p>Nkengasong said it was inevitable that as cases rise, hospitals will become overwhelmed.</p>



<p>“That is something that is happening already. We will continue to see it as the pandemic expands,” he added.</p>



<p>Although many have also started gradually easing lockdowns to reopen hard-hit economies, governments are conscious that opening up too quickly could lead to a spike in new cases.</p>



<p>The African Union Commission said on Thursday it had launched a consortium for vaccine clinical trials to be headed by the Africa CDC, which aimed to secure more than 10 late stage vaccine clinical trials as early as possible.</p>



<p>South Africa and Egypt are already running human trials for a potential vaccine.</p>


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

Africa urged to test more as coronavirus cases exceed 500,000


<p>(Reuters) &#8211; The S&amp;P 500 and Dow dropped on Thursday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and began to shift their focus to earnings, though the Nasdaq registered another record closing high.FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson</p>



<p>The United States saw more than 60,000 new COVID-19 infections on Wednesday, setting a single-day global record while Florida and Texas reported a record one-day increase in deaths.</p>



<p>Investors also began to turn their focus to the second-quarter earnings season, which shifts into higher gear next week. S&amp;P 500 companies are expected to post the biggest quarterly decline in earnings since the financial crisis, based on IBES data from Refinitiv.</p>



<p>Walgreens Boots Alliance Inc (<a href="https://www.reuters.com/companies/WBA.O">WBA.O</a>) tumbled 8.2% after it reported a quarterly loss compared with a profit a year earlier, hurt by non-cash impairment charges of $2 billion as COVID-19 disrupted business at its Boots UK division.</p>



<p>“I expect a lot of confusing numbers and guidance. COVID is certainly not behind us in any way shape or form, so maybe the V gets elongated some,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.</p>



<p>The Nasdaq hit another record high, however, helped by gains in Amazon.com (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>), Microsoft Corp (<a href="https://www.reuters.com/companies/MSFT.O">MSFT.O</a>) and Apple Inc (<a href="https://www.reuters.com/companies/AAPL.O">AAPL.O</a>).</p>



<p>Unofficially, the Dow Jones Industrial Average&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.DJI">.DJI</a>&nbsp;fell 360.64 points, or 1.38%, to 25,706.64, the S&amp;P 500&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.SPX">.SPX</a>&nbsp;lost 17.74 points, or 0.56%, to 3,152.2 and the Nasdaq Composite&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.IXIC">.IXIC</a>&nbsp;added 55.25 points, or 0.53%, to 10,547.75.</p>



<p>Helping stocks early in the day was data showing the number of Americans filing for jobless benefits dropped to a near four-month low last week, but a record 32.9 million people were collecting unemployment checks in the third week of June.</p>



<p>ADVERTISEMENT</p>





<p>A batch of upbeat economic data including the record pace of job additions in June has underscored that the stimulus-fueled domestic economy was on the path to recovery.</p>



<p>The benchmark S&amp;P 500 has risen more than 40% from its March closing lows.</p>



<p>In a bullish signal for near-term momentum, the benchmark S&amp;P 500’s chart formed a “golden cross” pattern, in which its 50-day moving average vaulted above the 200-day moving average.</p>


wall street

Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high

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<p>One of the power stations that were meant to be the saviour of South Africa’s power supply is causing controversy, even before it’s in full working order. In an explosive letter, Public Enterprises Minister Pravin Gordhan named contractors that he says Eskom over-paid by R4 billion, in the construction of Kusile power station. Sikonathi Mantshantsha, National Spokesperson of Eskom joins CNBC Africa for more</p>


Eskom goes after contractors over R4bn Kusile over-payment

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<p>As South Africa sees a surge in COVID-19 infections, consumers are increasingly faced with overpriced products on the shelves. The Competition Commission continues to receive complaints, from customers who are already feeling the pinch. The question is, does the Competition Competition have the capacity to clamp down on price gouging? Joining CNBC Africa for this discussion is Makgale Mohlala, Head of Cartels at the Competition Commission and Shawn van der Meulen, Partner at Webber Wentzel.</p>


Does the Competition Competition have capacity to clamp down on COVID-19 profiteering?

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<p>Jambojet gears up for local flight resumption; lower oil imports and higher tea exports spell current account improvement and the Central Bank invites bids for millions in treasury bonds. Journalist, Joseph Bonyo joins CNBC Afric for more.</p>


Jambojet set to resume domestic flights on July 15

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<p>Rwanda’s women entrepreneurs arm under the private sector federation body has launched a series of business clinics with the aim of supporting women-led businesses affected by the Covid-19 pandemic. CNBC Africa spoke to Agnes Samputu, Executive Director of the Rwanda Chamber of Women Entrepreneurs for more.</p>


Chamber launches business clinics to support women-led businesses

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<p>Rwanda Biomedical Centre has established a new Covid-19 testing laboratory in Rubavu district with capacity of running 400 Covid-19 samples per day to help contain the pandemic in the area. This is the second testing lab established in Western Province after Rusizi District with capacity of running 500 samples per day. CNBC Africa&#8217;s Fiona Muthoni had a conversation with Dr. Nsanzimana Sabin, Director General of RBC.</p>


Rwanda leverages on technology in the fight against COVID-19


<p>GENEVA (Reuters) &#8211; The World Health Organization (WHO) said on Thursday that it was setting up an independent panel to review its handling of the COVID-19 pandemic and the response by governments.</p>



<p>The announcement follows strong criticism by U.S. President Donald Trump’s administration, which accused the WHO of being “China-centric”, and U.S. formal notification on Tuesday that it was withdrawing from the U.N. agency in a year’s time.</p>



<p>Former New Zealand Prime Minister Helen Clark and former Liberian President Ellen Johnson Sirleaf have agreed to head the panel and chose its members, WHO Director-General Tedros Adhanom Ghebreyesus told a virtual meeting with representatives of WHO’s 194 member states, which was webcast.</p>



<p>“This is not a standard report that ticks a box and is then put on a shelf to gather dust. This is something we take seriously,” Tedros said, adding that the panel would provide an interim report to an annual meeting of health ministers being reconvened in November.</p>



<p>Clark, addressing the meeting, said that the assignment “could only be described as exceptionally challenging”.</p>



<p>Tedros noted that in May, WHO’s member states adopted unanimously a resolution put forward by the European Union calling for an evaluation of the global response to the pandemic.</p>



<p>More than 12 million people have been reported to be infected by the novel coronavirus globally and 548,429​ have died, according to a Reuters tally.</p>


Dr Matshidiso Moeti – WHO Regional Director for Africa

WHO sets up panel to review handling of COVID-19 pandemic

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<p>Lesley Ndlovu, CEO of the ARC joins CNBC Africa for more.</p>


ARC rolls out disaster insurance for Zimbabwe & Madagascar

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<p>Global data analytics company; Nielsen, says the COVID-19 pandemic has led to a sharp drop in consumer sentiment in West Africa in the second quarter of the year. Ged Nooy, Managing Director at Nielsen Nigeria joins CNBC Africa for more.</p>


West African consumer sentiment drops sharply as COVID-19 crisis deepens

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<p>Updated forecasts from the African Development Bank show that Africa’s growth is expected to rebound to 3 per cent by 2021 from a 3.4 per cent contraction in 2020 in the worst-case-scenario. Hanan Morsy, Director for Macroeconomic Forecasting and Research at the AfDB joins CNBC Africa for more.</p>


AfDB forecasts Africa’s growth in 2021

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<p>In the wake of COVID-19 many listed companies have offered rights issues in order to raise capital during these trying times, but according to Oasis Asset Management there are good and bad equity issuances. Joining CNBC Africa for more is Adam Ebrahim, CEO of Oasis Asset Management.</p>


covid-19

Is the SA govt. doing enough to deter COVID-19 price gouging?

COMMENT: AfCFTA is economic medicine Africa needs to recover from the covid-19 pandemic

More than 70 workers test positive for COVID-19 on an English farm

COVID-19: No more booze for now says Ramaphosa

U.S. sets record for new COVID cases third day in a row at over 69,000

Africa urged to test more as coronavirus cases exceed 500,000

Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high

Eskom goes after contractors over R4bn Kusile over-payment

Does the Competition Competition have capacity to clamp down on COVID-19 profiteering?

Jambojet set to resume domestic flights on July 15

Chamber launches business clinics to support women-led businesses

Rwanda leverages on technology in the fight against COVID-19

WHO sets up panel to review handling of COVID-19 pandemic

ARC rolls out disaster insurance for Zimbabwe & Madagascar

West African consumer sentiment drops sharply as COVID-19 crisis deepens

AfDB forecasts Africa’s growth in 2021

City Lodge faces resistance to its R1.2bn rights issue. Here’s why

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covid-19

Is the SA govt. doing enough to deter COVID-19 price gouging?

COMMENT: AfCFTA is economic medicine Africa needs to recover from the covid-19 pandemic

More than 70 workers test positive for COVID-19 on an English farm

COVID-19: No more booze for now says Ramaphosa

U.S. sets record for new COVID cases third day in a row at over 69,000

Africa urged to test more as coronavirus cases exceed 500,000

Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high

Eskom goes after contractors over R4bn Kusile over-payment

Does the Competition Competition have capacity to clamp down on COVID-19 profiteering?

Jambojet set to resume domestic flights on July 15

Chamber launches business clinics to support women-led businesses

Rwanda leverages on technology in the fight against COVID-19

WHO sets up panel to review handling of COVID-19 pandemic

ARC rolls out disaster insurance for Zimbabwe & Madagascar

West African consumer sentiment drops sharply as COVID-19 crisis deepens

AfDB forecasts Africa’s growth in 2021

City Lodge faces resistance to its R1.2bn rights issue. Here’s why

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