On Thursday Edcon CEO Grant Pattison broke down as he spoke to suppliers about the implications of COVID-19 and #21daylockdownSA for one of the continent’s oldest clothing retailers. This is what he said….
It’s just over a year since South Africa’s oldest retailer; Edcon secured a R2.7 billion bailout to prevent it from folding. But the economic carnage from Covid-19 has quickly changed its fortunes. The 90 year old retailer says it may not be able to pay its suppliers or reopen its doors after South Africa’s three week shutdown. Just a month ago Edcon CEO Grant Pattison spoke to CNBC Africa about his plans for rebuilding the business. Keillen Ndlovu, Head of Listed Property at Stanlib unpacks what impact Edcon’s folding could have on the property sector.
The Importance of good internet connectivity when working from home is the new normal is no longer a luxury. But Across many African countries cost and efficiency of home internet is still out of reach, now why more than ever is this important for economies on the continent? Ahmad Mokhles, Group Chief Operating Officer at Liquid Telecom joins CNBC Africa joins for more.
Stears has launched a live monitoring feed aimed at updating Nigerians on the coronavirus situation within the country. This comes are the Nigeria Centre for Disease Control confirms 14 new cases bringing the total number of Covid-19 cases in Nigeria to 65. Tokunbo Afikuyomi, Editor-In-Chief at Stears joins CNBC Africa for more.
Traders at Nigeria’s forex market say they are anticipating a bi-weekly retail forex auction today. Femi Ogundimu, Fixed Income Trader at Access Bank joins CNBC Africa for a preview of today’s trading session at the money market here in Nigeria.
As South Africa enters day 1 of a national lock-down, many other Sub-Saharan African countries have also entered into partial lock-downs with the restriction of movement as a key element for curbing the number of infections. However, across the globe many people are already facing dire humanitarian emergencies and the World food programme is putting in measures to ensure that Sub-Saharan Africa has enough food to sustain itself during the Covid-19 pandemic. Joining CNBC Africa for more is Lola Castro, Regional Director for Southern Africa at the World Food Programme.
Keeping with the impact of COVID-19 on society, businesses have already sited its distress during the lock-down time. Although the impact on the economy will only be seen in the weeks and months to come, Sujeet Morar a Principal at Kearney has sited that it’s Partners in Asia, Middle East and Europe have documented and shared guidelines for local manufacturing businesses.
In Rwanda, as the whole country is on lock down amid the coronavirus outbreak, CNBC Africa is joined by Adrew Kazibwe, an arts journalist, to find out more on the effects that the outbreak has had in the creative arts industry.