Dubai announces new economic support package, worth over $400 million

11 July 2020, 3:55 PM
Dubai has announced a new package to help the economy cope with the effects of the coronavirus outbreak, worth 1.5 billion dirhams ($408 million), the crown prince of the emirate, Hamdan Bin Mohammed Al-Maktoum, said on Twitter on Saturday.
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Nigeria needs to deepen reforms to boost growth, revenues: World Bank 26 June 2020, 7:34 PM

Nigeria needs to deepen economic reforms and boost government revenues in order to have a sustained recovery after a coronavirus-induced oil price shock that slashed income and weakened its currency, the World Bank’s country director told Reuters on Friday.

Tito Mboweni
Government accused of dishonesty in how budget is presented 26 June 2020, 6:15 PM

The Budget Justice Coalition (BJC) says it is concerned about the increasing dishonesty from government in how the budget is presented.

Mine workers
COVID-19 infections escalating in mining sector 26 June 2020, 6:04 PM

Mining companies across the country continue to experience an escalation in the number of coronavirus (COVID-19) infections in their operations.

INFOGRAPHIC | Supplementary healthcare budget 26 June 2020, 4:50 PM

Finance Minister Tito Mboweni has painted a grim picture for the country as it battles with the new coronavirus pandemic and a shrinking economy. Mboweni delivered his supplementary COVID-19 budget on Wednesday this week.

FITA’s tobacco sales case dismissed 26 June 2020, 4:21 PM

The Fair Trade Independent Tobacco Association (FITA) has lost its court application to have the ban on the sale of tobacco products lifted. The organisation has been arguing that the ban has allowed the illegal sale of tobacco products to thrive.

Moody's
SA’s economy unlikely to reach its target to stabilise debt by 2023: Moody’s 26 June 2020, 1:03 PM

Ratings agency Moody's says it is unlikely that the South African government will reach its target to stabilise debt by 2023.

Cabinet supports proposal on formation of new airline 26 June 2020, 12:09 PM

Cabinet says it supports the proposal on the formation of a new airline to succeed South African Airways (SAA).

Treasury rejects claims that it plans to use pension money to fund government 26 June 2020, 8:59 AM

The Treasury has again rejected suggestions that it intends making amendments to Regulation 28, that will allow it to use pension funds to fund government programmes.

Oil prices crawl up on demand recovery, tempered by virus outbreaks 26 June 2020, 3:11 AM

Oil prices rose in early trade on Friday, extending gains from the previous day on optimism about recovering fuel demand worldwide, despite surges in coronavirus infections in some US states and indications of a revival in US crude production.

SAA restructuring vote delayed until next month 25 June 2020, 8:43 PM

A vote on a restructuring plan for loss-making South African Airways (SAA) was delayed until July 14 on Thursday, after some creditors and unions secured an adjournment after months of wrangling over the airline's future.

Mr Price pulls plug on Nigeria operations 25 June 2020, 5:39 PM

Mr Price Group has become the latest South African retailer to retreat from African markets due to weak economic growth, difficulties with repatriating funds and local procurement.

South Africa’s Harmony raises close to R3.5 billion in share sale 25 June 2020, 5:22 PM

Harmony Gold raised close to R3.5 billion after issuing more than 60 million new ordinary shares to partly fund its purchase of rival AngloGold Ashanti’s last remaining South African assets, the company said on Thursday. Harmony agreed in February to buy AngloGold Ashanti’s Mponeng mine, the world’s deepest gold mine, and its Mine Waste Solutions […]

South Africa’s mines record six COVID-19 deaths, 1 796 cases 25 June 2020, 5:00 PM

South Africa’s mining industry has recorded 1,796 cases of COVID-19 with six deaths, the Minerals Council said on Thursday as mines ramp up after an extended shutdown.

Zambia sees 2020 expenditure up $1.1 bln as kwacha falls 25 June 2020, 4:33 PM

Zambia’s expenditure is expected to rise by approximately 20 billion kwacha ($1.11 billion) this year as the local currency weakens, piling more pressure on a nation already struggling with huge debt, President Edgar Lungu said on Thursday.

David Mabuza
Municipalities’ rising debt to Eskom poses serious threat to its liquidity: Mabuza 25 June 2020, 4:23 PM

Deputy President David Mabuza says the rising debt owed to Eskom by municipalities continues to pose a serious risk to the power utility's liquidity.

Pompeo says China’s Africa lending creates unsustainable debt burdens 25 June 2020, 3:44 PM

U.S. Secretary of State Mike Pompeo on Wednesday blasted China’s policy on lending to African countries, reiterating Washington’s charges that it creates unsustainable debt burdens.

Supplementary budget leaves Western Cape short-changed: Maynier 25 June 2020, 12:02 PM

Western Cape Minister of Finance and Economic Opportunities David Maynier says the Special Adjustment Budget has left the province short-changed in the fight against COVID-19.

SAA business Rescue Plan to be voted on 25 June 2020, 9:20 AM

The SAA Business Rescue Plan published last week by Business Rescue Practitioners is expected to be voted on Thursday by creditors and stakeholders.

Health department gets R21.5 bln boost to fight COVID-19 25 June 2020, 7:22 AM

The Department of Health will receive R21. 5 billion to respond to the COVID-19 pandemic, which will go into increasing the numbers of people screening and testing for the coronavirus.

Worst may be over for battered British economy: Reuters poll 25 June 2020, 5:08 AM

Britain’s economy is shrinking at its fastest pace in centuries as the devastation wrought by the coronavirus pandemic saps demand, but it’s likely to bounce back to growth next quarter as more businesses reopen, a Reuters poll found.

Oil prices hold ground after sharp retreat on virus fears 25 June 2020, 4:32 AM

Oil prices inched up in early trading on Thursday after sliding more than 5% in the previous session on worries that a rapid rise in COVID-19 cases could choke a revival in fuel demand, but volumes were thin with China out on a public holiday.

Asia set to track Wall Street retreat as second wave derails recovery hopes 25 June 2020, 3:25 AM

Asian markets were set to follow a tumble in Wall Street stocks and oil prices on Thursday after surging US coronavirus cases and the International Monetary Fund’s downgrade to global economic projections shook confidence in a recovery.

Global housing markets ensnared by pandemic’s high unemployment 25 June 2020, 2:50 AM

The outlook for major global housing markets looks subdued, with high unemployment from the coronavirus pandemic and lockdowns and low immigration the biggest hurdles over the coming year, according to a majority of analysts polled by Reuters.

Mixed reactions to Mboweni’s Supplementary Budget Speech 24 June 2020, 10:03 PM

Chamber of Commerce and Industry Alan Mkoki says Finance Minister Tito Mboweni delivered a relatively fair supplementary budget speech - given the complicated economic situation the country finds itself in during the coronavirus pandemic.

African Bank falls to H1 loss after taking charge 24 June 2020, 9:06 PM

Small South African lender African Bank swung to a half-year loss on Wednesday after taking a 550 million rand ($31.89 million) charge for bad debts.

Mboweni’s budget takes no steps to address SA’s debt : Analyst 24 June 2020, 7:43 PM

Institute of Race Relations Deputy Head of Policy Research, Hermann Pretorius, says Finance Minister Tito Mboweni’s budget speech takes no steps to address South Africa’s debt.

Nigeria’s rating at risk as debt, financing gap rise-Fitch 24 June 2020, 5:13 PM

A sharp rise in Nigeria’s sovereign debt and a ballooning financing gap could trigger a rating downgrade as policymakers in Africa’s biggest economy struggle to deal with the fallout from a coronavirus-induced oil price crash, a director at Fitch said.

SA economy expected to contract by 7.2%: Mboweni 24 June 2020, 4:12 PM

Finance Minister Tito Mboweni says the government expects the South African economy to contract by 7.2% in 2020 as the coronavirus ravages the world and the local economy.

VIDEO: Finance Minister Tito Mboweni delivers Supplementary Budget 24 June 2020, 3:00 PM

Finance Minister Tito Mboweni delivers the country's supplementary budget speech on Wednesday afternoon. The emergency budget reflects government's adjusted spending and expenses as a result of the COVID-19 crisis.

Finance Minister Tito Mboweni
SA citizens want government to prioritise job creation 24 June 2020, 1:05 PM

Many hard-pressed South Africans say they want government to prioritise job creation in its emergency budget.