<p><iframe loading="lazy" src="https://www.youtube.com/embed/9UbHoZ0tNgg" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>Exactly a month ago today, the JSE Top 40 index traded at 37,550 points with the COVID-19 sell-off rippled across local and global markets. Today the index has gained 20 per cent from those lows, not far behind global peers on Wall Street. Is this a signal investors think the worst of COVID-19 is over? Byron Lotter, Portfolio Manager, Vestact and Seleho Tsatsi, Investment Analyst at Anchor Capital join CNBC Africa for more&#8230;.</p>


COVID-19 & Markets: Is market signalling worst of COVID-19 is over?


<p>By Chris Bishop</p>



<p>The laboratory in the front line of fight against the deadly COVID-19 outbreak in Nigeria’s remote northern state of Kano has closed down because the disease has struck down a number of its workers.</p>



<p>Kano – the hometown of Nigerian billionaire Aliko Dangote – has seen a spike in mystery deaths in recent as Nigeria battles the pandemic with scant resources. Former Nigerian aviation minister Femi Fani-Kayode tweeted a claim that 150 people had died mysteriously in Kano recently; the official figures say Kano has only 59 cases of COVID-19, but the government health authorities say they will investigated the mystery death claim.</p>



<p>These concerns from Kano were raised with the World Health Organisation at its weekly webinar on Africa. Sani Aliyu, the coordinator for the Presidential Task Force (PTF) on COVID-19 in Abuja, said small teams were struggling, with little money, to test and track data.</p>



<p>“This week the laboratory in Kano was closed in an incident where one or two members acquired COVID-19. We had to disinfect the place and ensure that there are adequate controls for safety. It will take three or four days to reopen it,” says Aliyu &nbsp;</p>



<p>Whatever the outcome of the Kano investigation, officials in Nigeria are clear that the fight against COVID-19 is going to be a tough one.</p>



<p>Nigeria was the first African nation to report a case of COVID-19 and many in the country criticize the government for testing a mere 10,000 people out of a population of 200 million.”</p>



<p>“The truth is we have to work with what we have we did start from scratch the same as South Africa had. We have tested 5,000 people in the last week so we have increase the rate of testing incredibly. Once we have more equipment we will be able to do more tests across the country,” Chikwe Ihekweazu Director General for Nigeria Centre for Disease Control.</p>



<p>“People think of a dipstick test: Is it blue or red? But it is not, it is a very complicated level of extraction  and analysis that takes six to seven hours to complete. It is very complex I would rather go little bit slower and get it right than go at speed and make errors.”</p>



<p>WHO officials agree that more needs to be done to build up equipment and skills to fight the pandemic; when it broke out there were a mere 30 ventilators in Lagos – most at private hospitals – and 360 in the country. WHO officials said another 100 ventilators had been shipped into Nigeria over the last few weeks.</p>



<p>“Everything we do right now is, one, to help us solve the problem and, two, to make for a better tomorrow. We are building people, we are building institutions and we are building to last and we may not get a second chance to do this,” says Ihekweazu. Bold words, in the face of a brutal pandemic.</p>


President Buhari to AfDB President Adesina: “I’ll stand by you”

Mystery deaths as Nigeria tries to hold back an avalanche of COVID-19

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151608052001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>The South African Housing and Infrastructure Fund has pledged 50 temporary housing structures to provide shelter for 200 South Africans impacted by COVID-19. Kameel Keshav, CFO for SAHIF joins CNBC Africa for more.</p>


SA housing fund pledges shelter for homeless during COVID-19

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151604642001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Two weeks ago the African Union appointed a special envoy tasked with attracting social and economic support for Africa’s fight against the coronavirus. One of those appointees was former Rwanda Finance Minister and President of the African Development Bank, Donald Kaberuka, who joins CNBC Africa for an update of what the envoy has been able to achieve.</p>


Donald Kaberuka: AU is looking for $100bn to fight COVID-19 on the continent

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151600139001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>The African Women&#8217;s Entrepreneurship Program was designed to assist women across Sub-Saharan Africa who are transforming their societies through economic development and social advocacy, by running their small and medium enterprises; but now that many SMEs have been forced to temporarily suspend their activities, how have they been able to provide support? CNBC Africa spoke to the Chairperson for the Rwanda Chapter of the AWEP, Gloria Kamanzi for more.</p>


How women entrepreneurs are coming together during COVID-19 isolation

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151603279001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Yesterday evening the National Assembly of Kenya passed some key amendments in support of the Government&#8217;s efforts to cushion the economy and Kenyans against the damaging effects of the COVID-19 pandemic. Journalist Joseph Bonyo joins CNBC Africa for more.</p>


Kenya’s parliament passes amendments to cushion Kenyans against COVID-19

<p><iframe loading="lazy" src="https://www.youtube.com/embed/BQ86090rs64" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>As the COVID-19 pandemic continues to impact economies and disrupt global supply chains. So what impact will the COVID-19 induced lock-downs have on the unemployment figures in Nigeria? Damilola Akinbami, Head of Research at Financial Derivatives joins CNBC Africa for more&#8230;.</p>


COVID-19: Impact on Nigeria’s workforce

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151593207001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>The International Monetary Fund says Nigeria’s economy is currently threatened by the twin shock of coronavirus and falling oil prices. Joining CNBC Africa to discuss how these shocks are impacting the country’s investment climate is Vincent Nwani, Business and Investment Consultant.</p>


How COVID-19 impacts Nigeria’s investment climate


<p>By Piet Mouton, CEO of PSG and it board </p>



<p>We would like to make the following points on Covid-19 –<br>Firstly, please note that these are the current thoughts of the PSG Group Board. Even though we have read numerous articles, have listened to experts from both sides, are constantly thinking about the consequences of the pandemic and obtain input from all those around us, none of us have a medical background. We are also aware of the fact that the President may address certain or all of our concerns this evening.<br><br>PSG Group is a company that employs more than 20,000 people throughout various industries within our group. We pay salaries, we pay taxes and we have contributed positively to our economy for the past 25 years. We as PSG Group lie awake at night as we have a major responsibility to all our employees and their families, to our clients, our suppliers, our bankers, our Government and ultimately to the people of our country. To remain quiet during this crisis is unfortunately no longer an option for us and silence will certainly not be of benefit to anyone.</p>



<iframe src='//players.brightcove.net/1571595826001/c0AOssA7_default/index.html?videoId=6151548195001' allowfullscreen frameborder=0></iframe>

<p><br>We must start by congratulating President Ramaphosa and his cabinet on the quick and decisive way in which they acted to address the pandemic. It is great to see that our leadership and country can act swiftly and with purpose. That we can stand together to achieve a common goal. We understand from various medical opinions published in the media, that we have potentially bought enough time to be as ready as one can be to face what may come. Mr. President, whatever we say hereafter is not to criticize your administration or question your actions. You are between a rock and a hard place and we do not envy your position. It is not an easy task to balance different concerns.<br><br>But here is the issue as we see it – the lockdown and especially the potential extension or failure to adequately relax restrictions are causing severe damage to what is left of our fragile economy. The longer it takes to come out of the lockdown, the worse it will be going forward for every citizen of South Africa. Alternatively, if we have a system whereby we move in and out of lockdown depending on the number of infections, this too will have a similar disastrous effect. The only option is a continued lockdown of the elderly and frail until the virus is contained or a vaccine becomes available, while the economy operates as close to normal as possible.<br><br>Please understand us correctly – we are NOT arguing economy over lives. BUT the truth is that lives are inextricably linked to the economy. Our survival and wellbeing depend on whether and how quickly our economy recovers.<br>Our economy is struggling, and we are running at a significant budget deficit with already worrying levels of debt, high unemployment and struggling parastatals. We do not have the means to provide meaningful relief packages on a sustainable basis without further loading the debt burden to such an extent that we may never be able to repay it, or struggle to do so. South Africa has recently been downgraded to junk status and has been assigned a negative outlook – so any new debt will become even more expensive. We entered this Covid-19 war already wounded.<br><br>Government’s primary source of income to address the pandemic, drive relief and provide stimuli for economic growth is one of the things that is under attack…namely tax collection. More than 80% of tax revenue is derived from personal tax, corporate tax and VAT.<br><br>Many businesses earn no revenue at the moment, while others do very little:<br>o As a result, significant less VAT and corporate tax will be collected: o Businesses have stopped paying their rent and other suppliers as they simply cannot afford to – resulting in a very negative economic spiral and ever-decreasing VAT and income tax revenue. <br>o As far as individuals are concerned, they too have stopped paying rent, servicing debt and consumer spending is down significantly as a result of the lockdown. Again, less economic activity means less VAT. &#8211; We can expect most companies that survive the lockdown to make significantly lower profits, if any, for the year – so very little corporate tax will be collected. Similarly, tax losses will also have a negative impact on future year tax revenue for Government. &#8211; According to Stats SA, 42% of formal sector business surveyed fear they will not have the financial resources to survive and 85% have already seen a decline in revenue. <br>o There will be significant job losses – which translates to the loss of personal tax revenue, loss of spending power for the individual and an increase in Government grants to be paid. <br>o Most of our SMEs do not have surplus reserves – many of them will close forever with a consequent loss of jobs and tax. Relief funds may assist a few, but most will unfortunately not make it. <br>o The decrease in interest rates is understandable given the state of the economy, but it will not be enough to assist most SMEs and will do very little for the man in the street – and again tax collections will suffer.<br><br>It is therefore clear to us that Government will experience a significant decline in tax revenue resulting in the already noteworthy budget deficit widening even further. We must ask ourselves realistically – where is the money going to come from to revigorate the economy and pay for an ever-increasing social bill? Less people will be able to contribute to the South African treasury and far more will become utterly dependent on it. Yes, the Solidarity Fund, to which we also contribute, is a worthy initiative to assist but may not be enough. According to a recent study, the economy is losing R13bn per day during the lockdown, and we will still lose billions even if we partially open or totally open up the economy. On Tuesday evening, President Ramaphosa announced a R500bn economic support package representing 10% of South Africa’s GDP. This will comprise various measures and will seemingly be funded by the likes of the World Bank, the IMF and the BRICS Development Bank, as well as the reallocation of previously set budgets and the utilization of UIF reserves. Although an admirable effort, realistically we need to be clear it will in the end mainly be a relief intervention directed towards preventing a fullblown humanitarian disaster rather than an economic stimulus. Again, a further increase in debt of this magnitude will unfortunately have dire long-term consequences for our economy and our country.</p>



<p>We understand that COVID-19 will be part of our reality for the foreseeable future. In the President’s announcement on Tuesday, he hinted at a phased relaxation of the lockdown restrictions of which the details will only be announced later today. We don’t want to deter from the President’s message, but we are trying to convey a reality as we see it and to emphasize that South Africa cannot afford to long or to slowly to revert normal activities.<br><br>My father, who I greatly admire, taught me that you cannot just sit back and complain if you don’t have a better solution. Furthermore, it is of no use that I nod my head to everything proposed by Government, but behind closed doors differ as so many people in the business community do. No one wants to make unpopular statements and become a target on social media for those who will later also be the first to claim what should have been done. This has never been our style.<br><br>We therefore publicly request Government to carefully consider the extent of further restrictions and the urgency to return to economic activity. We believe South Africa should act much faster in lifting restrictions to rejuvenate the economy. We agree with scientists that we should protect the elderly and those with compromised immunity with continued isolation protocols in place for them. We too have elderly loved ones, as well as friends who suffer from cancer and other diseases that make them especially vulnerable – and we want them protected. The rest of us, however, need to get back to work. We agree with Government that a lot more testing should be done as we move forward. Further, we need to understand that in the absence of any vaccine for the disease in the short to medium term, we need to obtain herd immunity sooner rather than later.<br><br>We acknowledge that this means more people will be infected and that some may become very ill. There will undoubtedly be a cost of lives, but we’re afraid that if we are bluntly honest with one another we are heading for an immense cost of lives in any event. If not from Covid-19, from starvation, social unrest, crime and a myriad of other chronic diseases which will follow. The fabric of our society will also be severely affected and damaged – polarization of people will be driven to the extreme. Just one example where it is very evident, is the closing of schools – those with digital means can home school to some extent while the poor are again left behind and exposed – and an educated youth is our future. The consequences are severe no matter which way we argue it.<br><br>Please do not consider our abbreviated opinion as being heartless – it is exactly because we care about the well-being and the future of our citizens, our children, your children and our country which we all love that we’re speaking up. It will not help if we sugar coat our message today to appease a specific group or endear ourselves to the popular view. We need to be honest about what lies ahead if we want to win the war – not just against Covid-19, but against the hardship that will follow. We are a South African company heavily invested in South Africa. We continue to invest our shareholders’ money, to support Government efforts, to create jobs and to assist in growing the economy for the benefit of all stakeholders. In theory and on paper one can therefor plan a release of restrictions over several months, but in practice, given the state of our economy, we unfortunately do not have the luxury of time to do so.<br><br>South Africans are resilient, entrepreneurial and hard-working human beings. Together with Government we can overcome Covid-19, we can get our economy going again, we can lessen the impact of future hardship and the future cost of lives… BUT we need to act faster to relax restrictions and reignite our economy on which all of our lives ultimately depend</p>



<p></p>


Piet Mouton 1

PSG CEO Piet Mouton’s impassioned plea to SA’s President: act faster in lifting restrictions to rejuvenate the economy

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151564265001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Nigeria’s Presidential Enabling Business Environment Council says it is focusing on 5 key sectors this year. PEBEC says it plans to highlight how businesses in these priority areas are responding and adapting to the COVID-19 pandemic. One of such businesses is Nigerian luxury fashion house Tiffany Amber. The company’s Founder and Creative Director, Folake Akindele Coker joins CNBC Africa for this discussion.</p>


How this Nigerian luxury fashion house is adapting to the COVID-19 crisis

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151560734001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>U.S President Donald Trump says he has ordered the Navy to shoot down Iranian gunboats if they harass American ships. Trump’s tweet came as Brent tumbled to its lowest since 1999 overnight. So how are these events impacting Nigeria’s financial market coupled with the growing number of coronavirus cases in the country? Dayo Amzat, Managing Director and CEO of Zedcrest Capital joins CNBC Africa for more.</p>


COVID-19: Oil rallies on Gulf tensions

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151556944001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>This week we are looking at managing and coping with the financial burden that is left in the wake of the COVID-19 pandemic. Joining CNBC Africa to unpack finance savvy tips and recommendations for individuals during this time is Katlego Mei, Financial Planner at Verso Wealth.</p>


How to best manage your finances during the COVID-19 pandemic

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151551201001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Gold Fields CEO, Nick Holland spoke to CNBC Africa’s Chris Bishop about the impact of South Africa’s COVID-19 lockdown on its business.</p>


Gold Fields CEO on how SA’s COVID-19 lock-down is impacting the company

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151551194001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>CNBC Africa’s Chris Bishop spoke with Kannan Lakmeeharan, Partner at McKinsey &#038; Company about the COVID-19 medical and economic strategy that will impact African economies.</p>


McKinsey & Co. on COVID-19 testing and medical strategy in Africa

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151548599001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Due to the COVID-19 pandemic putting financial strain on individuals, many South African banks are offering customers a three-month payment holiday on their debt. This however, may not be a viable option for small businesses as a term extension on loans may cause more harm than good. FNB has now created a Cashflow Relief Plan instead which will serve to be more cost effective than a straight term extension on loan repayments, joining CNBC Africa for more is Doret Jooste, CEO of FNB Retail Money Management.</p>


FNB Cashflow Relief Plan: How will it work for small businesses?

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151548195001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>Investment holding company, PSG Group has reported a 17 per cent headline earnings per share increase for its full year results ended February. But the company has noted that it is bracing itself for the future of a post COVID-19 crisis. The company has declared a final dividend of 239 cents per share which is a 48 per cent decrease from the previous year. This decrease was due to Capitec, the group’s largest investment and contributor not declaring a final dividend in line with the South African Reserve Bank’s guidance to banks. PSG Group CEO, Piet Mouton joins CNBC Africa for more.</p>


PSG Group CEO on COVID-19 impact on business & post COVID-19 outlook

<div style="max-width: 700px;">
  <video-js
    data-account="1571595826001"
    data-player="c0AOssA7"
    data-video-id="6151545100001"
    data-embed="default"
    controls=""
    data-application-id=""
    class="vjs-fluid"></video-js>
</div>
<p><script src="//players.brightcove.net/1571595826001/c0AOssA7_default/index.min.js">
</script></p>
<p>In our day to day life, social media platforms have become integral.</p>


covid-19

COVID-19 & Markets: Is market signalling worst of COVID-19 is over?

Mystery deaths as Nigeria tries to hold back an avalanche of COVID-19

SA housing fund pledges shelter for homeless during COVID-19

Donald Kaberuka: AU is looking for $100bn to fight COVID-19 on the continent

How women entrepreneurs are coming together during COVID-19 isolation

Kenya’s parliament passes amendments to cushion Kenyans against COVID-19

COVID-19: Impact on Nigeria’s workforce

How COVID-19 impacts Nigeria’s investment climate

PSG CEO Piet Mouton’s impassioned plea to SA’s President: act faster in lifting restrictions to rejuvenate the economy

How this Nigerian luxury fashion house is adapting to the COVID-19 crisis

COVID-19: Oil rallies on Gulf tensions

How to best manage your finances during the COVID-19 pandemic

Gold Fields CEO on how SA’s COVID-19 lock-down is impacting the company

McKinsey & Co. on COVID-19 testing and medical strategy in Africa

FNB Cashflow Relief Plan: How will it work for small businesses?

PSG Group CEO on COVID-19 impact on business & post COVID-19 outlook

Rwanda’s Digital Commemoration: How social media can be used as a tool for healing

News Tips

Advertise With Us

covid-19

COVID-19 & Markets: Is market signalling worst of COVID-19 is over?

Mystery deaths as Nigeria tries to hold back an avalanche of COVID-19

SA housing fund pledges shelter for homeless during COVID-19

Donald Kaberuka: AU is looking for $100bn to fight COVID-19 on the continent

How women entrepreneurs are coming together during COVID-19 isolation

Kenya’s parliament passes amendments to cushion Kenyans against COVID-19

COVID-19: Impact on Nigeria’s workforce

How COVID-19 impacts Nigeria’s investment climate

PSG CEO Piet Mouton’s impassioned plea to SA’s President: act faster in lifting restrictions to rejuvenate the economy

How this Nigerian luxury fashion house is adapting to the COVID-19 crisis

COVID-19: Oil rallies on Gulf tensions

How to best manage your finances during the COVID-19 pandemic

Gold Fields CEO on how SA’s COVID-19 lock-down is impacting the company

McKinsey & Co. on COVID-19 testing and medical strategy in Africa

FNB Cashflow Relief Plan: How will it work for small businesses?

PSG Group CEO on COVID-19 impact on business & post COVID-19 outlook

Rwanda’s Digital Commemoration: How social media can be used as a tool for healing

News Tips

Advertise With Us

Newsletters