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South Africa’s rand edged firmer in tentative early trade on Wednesday, as investors weighed a surge in coronavirus infections in key global centres and more signs of a creaking local economy.
When the new coronavirus hit Tanzania in mid-April, President John Magufuli called for three days of national prayer to seek God’s protection from the scourge. Barely a month later, he claimed victory over the disease and invited tourists to return to his East African nation.
The South African central bank reduced its government bond purchases to 5 billion rand ($292.64 million) in June, half the monthly average, bringing its bond holdings to 35.9 billion rand, data showed on Tuesday.
“I am breathing again,” sighs Kanto Razafimandimby, on her first night out since South Africa reopened its restaurants and casinos as part of a gradual loosening of lockdown, even as the number of coronavirus continues to rise.
South Africa’s rand opened stronger on Friday and was on course for gains of roughly 2% against the dollar this week, after the first current account surplus in 17 years and an upbeat U.S. jobs report.
South Africa’s current account balance swung to a surplus of 1.3% of gross domestic product (GDP) in the first quarter of 2020 from a deficit of 1.3% of GDP in the previous three months, central bank data showed on Thursday.
Struggling petrochemicals producer Sasol has appointed advisers to sell its stakes in a power plant in Mozambique and a gas pipeline running from the country into South Africa, two sources familiar with the matter told Reuters.
South Africa will allow casinos and cinemas to reopen and restaurants to resume sit-down meals on Monday in a further easing of coronavirus lockdown restrictions despite a sharp rise in infections.
Britain’s export credit agency UK Export Finance (UKEF) is set to back a $20 billion liquefied natural gas (LNG) project in Mozambique, a source with direct knowledge of the matter told Reuters on Friday.
The Congolese government will try to financially support mining companies who need help as the COVID-19 pandemic disrupts the industry, Congo’s mines minister Willy Kitobo Samsoni said on Wednesday.
South African authorities have apprehended eight people suspected of illegally siphoning 2.3 billion rand ($133.87 million) from small lender VBS Mutual Bank, which collapsed in 2018 because of the corruption scandal.
South African telecom firm Telkom predicted an up to 70% fall in annual earnings on Monday due to once-off costs relating to job cuts and impairments.
South Africa’s rand opened weaker on Monday as investors sold riskier currencies on fears of a second wave of the coronavirus in Beijing.
South Africa’s Discovery said on Monday its full-year profits could fall by up to 90%, accounting for an estimated 3.3 billion rand ($191.03 million) provision for the potential impact of the coronavirus outbreak and the impact of interest rates.
South Africa’s energy ministry on Sunday began consultations with industry on preparations for a proposed 2,500 megawatt (MW) nuclear power plant building programme, which has faced opposition from environmental campaigners.
The South African rand fell against the dollar in early trade on Tuesday, amid growing concerns over U.S.-China tensions and rising violent protests across the United States.
The Human Rights Writers Association of Nigeria, HURIWA, has called on President Muhammadu Buhari to appoint “a capable hand” to head the Economic and Financial Crimes Commission, EFCC.
The Federal Inland Revenue Service (FIRS) has further extended the closing date of its waiver of penalty and interest window on tax debts owed by individuals and businesses from June 30, 2020 to August 31st, 2020.
Global leaders called for a comprehensive approach to counter the impact of the coronavirus pandemic, which International Labour Organisation (ILO) chief Guy Ryder said on Wednesday had plunged the world of work into “unprecedented crisis”.
Akwa Ibom State Chapter of All Progressive Congress (APC) has faulted President Muhammadu Buhari over what it described as “unfamiliar method” adopted in appointing people from the state to political offices without reference to the party.
Gov. Abubakar Bagudu of Kebbi State has approved the appointment of five new District Heads and a Councillor in Argungu Emirate Council of the state.
Umahi who appealed to residents in the state to take preventive measures directed the Deputy Governor, Kelechi Igwe, to take over the frontline coordination of the state’s fight against the disease.
Pep Guardiola says Manchester City have a point to prove against Liverpool when both teams clash at the Etihad Stadium on Thursday.
The House of Representatives on Thursday resolved to set up an Ad-hoc Committee that will investigate the multi-billion naira provided annually for the skills acquisition programmes of the Federal Government across the country.
The Federal Government through the Ministry of Humanitarian Affairs, Disaster Management, and Social Development is to distribute 19, 508 bags of fertilizers to farmers affected by 2018 flooding in five LGAs of Kogi State.
Bukayo Saka and Nicolas Pepe have been nominated for the Arsenal Player of the Month award for June following their eye-catching displays.