Author: Staff Writer

Refinitiv today released the 2020 first-quarter investment banking analysis for Sub-Saharan Africa. According to the report, investment banking fees in Sub-Saharan Africa reached an estimated $128.2 million (R23.7 billion) during the first quarter of 2020, down 15% from last year’s strong start. Advisory fees earned from completed mergers and acquisitions (M&A) transactions generated US$33.5 million, down 38% year-on-year, while syndicated lending fees declined 47% to $35.7 million (R661 million).  Equity capital markets underwriting fees more than tripled to reach $36.7 million (R680 million), a first-quarter total only exceeded twice since our records began in 2000.  Bond underwriting fees increased 20%…

MTN announced on Wednesday the details of its R250 million relief package in response to the COVID-19 pandemic. Operating across 21 markets MTN Group has customised its response to recognising its responsibility to contribute both in its home market South Africa as well as in many other markets facing enormous challenges managing the pandemic. Comprising five key intervention initiatives, MTN said it has focused on employees, customers, vulnerable groups, contributions to the South African Government’s Solidarity Fund and participating in industry interventions. “We believe it is the responsibility of all organisations to assist where they can during the pandemic.  MTN…

Vodacom South Africa announced on Wednesday it has significantly accelerated investment spend in recent weeks to ensure that its network remains resilient despite increases in traffic across both its mobile and fixed networks since the start of the national emergency lockdown. The Vodafone-owned company said it expects network traffic to increase even further as customers connect for longer after it implemented price cuts of up to 40% on its 30-day data bundles and launched a range of free essential services available through its zero-rated ConnectU platform on 1 April. Over R500 million will be spent over a two-month period to…

South African government, through the National Treasury, is exploring all funding avenues to finance all COVID-19 related programmes and measures aimed at addressing the pandemic. “The funding avenues will not be limited locally, but will include exploring all global partners and international finance institutions,” Minister of Finance Tito Mboweni said. Addressing a media briefing on Tuesday, the Minister said government will revise the fiscal framework to take into account the effect of COVID-19 on the fiscus. He said there are a number of elements to the fiscal response, including putting forward clear estimates of the additional health care costs that…

The total number of confirmed COVID-19 cases in South Africa is 2 415, as of Tuesday, 14 March. Releasing the update of cases, the Health Department said the total number of tests conducted to date is 87 022. Gauteng has 909 cases, Western Cape 643, KwaZulu-Natal 489, Eastern Cape 174, Free State 98, Limpopo 24, Mpumalanga 22, North West 22 and Northern Cape has 16. There are 18 unallocated cases. Also read: Coronavirus: WHO Urges Caution in Easing COVID-19 Restrictions With the declaration that the novel Coronavirus is 10 times deadlier than the 2009 swine flu, the World Health Organisation (WHO)…

President Cyril Ramaphosa’s will on Friday, 17 April, respond to the Gauteng Liquor Forum that wants restrictions on the sale of alcohol eased during an extended lockdown. The forum threatened court action against the South African government. However, Ramaphosa’s lawyers have written to the form asking them to wait until the end of business on Friday, 17 April to respond to their letter. “The National Command Council, the Presidency and other relevant parties are meeting again this week, specifically to discuss the details of Government’s economic assistance programme. This includes assistance offered to small businesses such as those of your clients…

The Lockdown Digital Classroom is a free and voluntary virtual classroom that encourages pupils to continue learning during the lockdown, the Basic Education Department clarified on Tuesday. The initiative, which is the brainchild of Africa Teen Geeks – an organization that does work in the basic education sector, received criticism on social media with users expressing concern over the use of celebrities as opposed to qualified teachers. “The initiative was created by a Non-Profit-Organization called Africa Teen Geeks (ATG) who approached the department with an idea for an intervention to support learners during the lockdown resulting from COVID-19,” said the…

The Department of Home Affairs has outlined temporary measures that have been put in place to address immigration matters during the lockdown period. The temporary measures were introduced after President Cyril Ramaphosa declared a National State of Disaster on 15 March and subsequently a national lockdown from 27 March, extended until the end of April 2020, to contain the spread of COVID-19. These temporary measures will remain valid until 31 July 2020, unless extended officially by the department. They apply only to foreign nationals, who have been legally admitted into the country. The visa concessions are contained in the Directions,…

With the declaration that the novel Coronavirus is 10 times deadlier than the 2009 swine flu, the World Health Organisation (WHO) has called on countries to slowly lift control measures. “We know that COVID-19 spreads fast, and we know that it is deadly – 10 times deadlier than the 2009 flu pandemic,” said WHO Director-General, Dr Tedros Adhanom Ghebreyesus. The WHO DG made the declaration on Monday during a virtual briefing. With some countries and communities under several weeks of social and economic restrictions in a bid to curb the spread of COVID-19, Ghebreyesus urged countries to be measured when phasing…

The South African Reserve Bank has cut the repo rate by 100 basis points, or one percentage point to 4.25%. “The committee notes that the more prolonged lockdown and slower recovery creates downside risk to inflation and allows further space for monetary policy to respond to the virus-induced demand shock to the economy. Barring severe and persistent currency and oil shocks, inflation is expected to be well contained, remaining below the midpoint of the target in 2020 and close to the midpoint in 2021,” said Reserve Bank governor, Lesetja Kganyago. “Against this backdrop, the MPC decided to cut the repo…