Olivia Kumwenda-Mtambo
South Africa’s rand falls as virus fears hit risk appetite
South Africa’s rand fell to its weakest in more than three weeks on Monday, as fears about the economic fallout from rising COVID-19 cases dented investors’ appetite for riskier assets.
OECD: South Africa economy could contract 8.2% if second coronavirus wave hits
South Africa’s economy could contract 8.2% this year, and grow just 0.6% in 2021, if a second wave of COVID-19 cases hits the country and its main trading partners, the OECD said on Friday.
South Africa’s rand firmer ahead of local CPI, Fed decision
South Africa’s rand firmed against the dollar early on Wednesday, ahead of domestic consumer price inflation figures and the U.S. Federal Reserve’s monetary policy decision.
South Africa’s retail sales plunge in April and May after hard lockdown
South Africa’s retail sales plunged by a record 50.4% in April and 12% in May, data showed on Wednesday in the latest evidence of the impact of the early, stricter phase of the country’s coronavirus lockdown.
South Africa’s manufacturing output falls 49.4% year on year in April
South Africa’s manufacturing output fell 49.4% year on year in April during a nationwide lockdown, after contracting by a revised 5.5% in March, the statistics agency said on Thursday.
Malawi’s Lazarus Chakwera pledges graft clampdown in subdued inauguration amid virus
Malawi’s new President Lazarus Chakwera pledged to clamp down on corruption on Monday, as he delivered his inauguration speech in a scaled-down ceremony dampened by a surge in COVID-19 cases.
South Africa’s current account balance swings to a surplus in first quarter
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.
South African rand falls as risk appetite wanes on US protests, Sino-US tensions
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.
South African government agrees to fund SAA rescue – draft plan
The South African government has agreed to fund a restructuring of South African Airways (SAA), if a business rescue plan for the struggling state-owned airline is adopted, a copy of the draft plan showed on Monday.
South African tobacco firms, associations seek court action over cigarette sales ban
A raft of South African tobacco companies, activists and associations are seeking legal action over the ban on cigarette sales during the country’s coronavirus lockdown.
South African Airways administrators request further delay for rescue plan
Administrators at South African Airways have asked creditors to approve an extension until June 8 for the publication of a business rescue plan for the struggling state airline, a letter seen by Reuters said.
South Africa’s credit growth slows to 7.37% year on year in April
Growth in private sector credit in South Africa in April slowed to 7.37% year on year from a revised 7.75% in March, central bank data showed on Friday.
South Africa’s rand falls, focus on Donald Trump’s Hong Kong response
South Africa’s rand weakened against the dollar early on Friday as investors monitored the latest U.S. response to China tightening its control over the city of Hong Kong.
South African state asset manager proposes converting Eskom bonds into equity – chairman
South African state asset manager the Public Investment Corporation (PIC) has submitted a proposal to government on converting bonds it holds in struggling state utility Eskom into equity, PIC chairman Reuel Khoza told Reuters in an interview.
South Africa’s maize harvest seen up from last season
South African maize farmers are expected to harvest more maize in 2020 compared with the previous season on the back of favourable weather conditions, a Reuters survey showed on Tuesday.
S&P forecasts South Africa’s economy to shrink 4.5 percent in 2020
S&P Global Ratings on Friday said it projects South Africa’s economy to shrink by 4.5% this year as a result of the COVID-19 pandemic that has impacted production and consumption.
Official: South Africa seeking $5 billion from multilateral lenders to fight virus
South Africa is seeking 95 billion rand ($4.99 billion) from multilateral lenders to help it fight the COVID-19 pandemic, a senior Treasury official said on Sunday.
South Africa to reopen agriculture sector, allow more manufacturing, retail
South Africa plans to reopen its agriculture sector and allow some manufacturing and retail to resume as the country balances the need to restart economic output and curb the spread of the new coronavirus, trade minister Ebrahim Patel said on Saturday.
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