Nigeria’s economy grew 1.87% in the first three months of 2020 from a year earlier, the statistics office said on Monday, shrinking from the previous quarter as oil prices and international trade fell due to the coronavirus pandemic.It is the slowest quarterly growth .. Read the news
President Cyril Ramaphosa imposed a 21-day lockdown from March 26, that was later extended to the end of April.This prompted property owners and tenants to work together, under government guidelines, to defer rent payments and find other solutions that allow shops, busi.. Read the news
South Africa’s National Treasury on Wednesday said it would table a new budget on June 24 to ratify plans for a 500 billion rand ($27 billion) stimulus package aimed at easing the economic impact of the coronavirus outbreak.“A revised fiscal framework will also be p.. Read the news
South African private sector activity fell to a new record low in April, a business survey showed on Wednesday, as company closures due to a nationwide coronavirus lockdown led to a collapse in demand.Markit’s Purchasing Managers’ Index (PMI) tumbled to 35.1 in Apri.. Read the news
The miner and trader, reporting first-quarter production data, said spending for the year would fall by $1 billion-$1.5 billion from an original expectation of $5.5 billion.Government restrictions to curb the spread of COVID-19 forced miners including Glencore to shut s.. Read the news
African airlines could lose $6 billion in passenger revenue in 2020, the International Air Transport Association said on Thursday, as flight restrictions due to the novel coronavirus hit the sector on the continent.“We have not seen the desired help announced for Afri.. Read the news
South Africa’s central bank slashed its main lending rate by another 100 basis points on Tuesday, to a record-low 4.25%, after moving forward its monetary policy committee (MPC) meeting scheduled for May.The surprise move by the South African Reserve Bank (SARB) comes.. Read the news
South African banking stocks opened more than 4% down on Tuesday after the central bank’s advice on Monday to refrain from dividend payouts as the country contends with the widespread economic damage inflicted by the coronavirus pandemic.The South African Reserve Bank.. Read the news
African finance ministers want International Monetary Fund, World Bank and EU support for bilateral, multilateral and commercial debt relief amid the coronavirus crisis, the UN Economic Commission for Africa (UNECA) said.Africa is facing a perfect storm of an impending .. Read the news
South Africa’s National Treasury said on Sunday it was introducing a new tax subsidy of 500 rand ($28) per month for each worker to employers for the next four months to cushion financial losses suffered by firms due to the coronavirus.In a statement, the treasury sai.. Read the news
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