Tag: Southern Africa
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.
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.
The drastic fluctuations have caused panic and lots of anxiety. Despite all the market drama, investment firm Alexander Forbes says it’s important to remember that after every crash – there is a recovery. And this has been proven by history. Janina Slawski: Head of Investment Consulting, Alexander Forbes joins CNBC Africa for more?
The coronavirus economic shock is expected to plunge Africa to its weakest growth rate since the 1990s. That’s according to preliminary research from NKC African economics. Key sectors such as tourism, exports and trade are expected to get knocked inflating the continents challenges around unemployment and poverty. Francois Conradie, Senior Political Economist from NKC African Economists joins CNBC Africa for more.
South Africa's Reserve Bank says its latest round of monetary support in which it will be buying bonds in the secondary market is not quantitative easing despite market commentators saying that it is. CNBC Africa’s Chris Bishop spoke to Deputy SARB Governor, Fundi Tshazibana to set the record straight.
Miyelani Maluleke an Economist at Absa Corporate and Investment Banking joins CNBC Africa to discuss the economic impact that the national lock-down will have on South Africa and the hardest hit industries being mining and manufacturing.