South Africa News updates today;
Load shedding suspended till Monday. [Eskom]
State of disaster:
Experts say measures put in place by President Cyril Ramaphosa to protect the impacts of coronavirus on the economy may not be adequate.If coronavirus remains longer it is likely to have damaging impacts given the current weak state of the economy as more sectors and companies are affected.[Mail & Guardian]
Coronavirus hits Wits University forcing over 350 students to go into self-quarantine. As a result, the university has cancelled all contact classes for the graduate entry medical; classes to be held online. All schools in SA close today as part of government measure to control the virus.
146 SA citizens in Wuhan, China have been successfully repatriated and are being quarantined in private location in Polokwane. 4 people could not make the journey because of suspected high temperature.
The 1000-page report into the conduct of the PIC has further revealed several irregularities with the fund’s exposure to Steinhoff.
The report showed that Steinhoff’s BEE partner, Jayendra Naidoo, and former CEO Dan Matjila colluded when investing in the group. Naidoo still owes the PIC R11.6 billion and hasn’t serviced the loan since early 2019. [ENCA]
Global stocks were again battered on Monday after emergency rate cuts in the USA and New Zealand, as well as other efforts around the world to curb the impact of the coronavirus pandemic. The weaker dollar helped the rand recover slightly, however the market was still taking a beating, led by Sasol. On Monday the rand was at R16.31 to the dollar, R20.12 to the pound and R18.13 to the euro. [XE]
Global coronavirus update: 169,610 cases of infection around the world: 6,518 deaths, 77,776 recoveries, and 85,316 cases still active with 5,921 in serious or critical condition. 61 cases in South Africa.