Moody's downgrade fears; MTN slashes prices; Ramaphosa, business brainstorm Covid-19; Capitec; SAA; Kerzner
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In today's news headlines:
* South Africa could lose its last investment-grade credit rating. Moody’s Investor Service is scheduled to release an assessment of the country on Friday. The loss of an investment-grade credit rating could lead to heavy fund outflows, battering the rand even further, warns Bloomberg.
* Tributes pour in for Sol Kerzner, one of the world’s most innovative hoteliers, founder of the Southern Sun hotel group, Sun International and Kerzner International, who died at the weekend.
* SAA has suspended all intercontinental flights until May 31 in response to a government travel ban aimed at stopping the spread of the coronavirus outbreak.
* MTN said it would reduce the cost of monthly data bundles of 1 gigabyte (GB) and below by between 25% and 50% from April 15, after a finding that South Africa’s mobile data prices were the highest on the continent.
* As global central banks and governments continue their running battle to allay market fears over the scale of their response, President Cyril Ramaphosa has met with business leaders to discuss ways to contain the economic damage from Covid-19 in South Africa.
* Looking at performances on the JSE, Capitec bounced back by more than an astonishing 40% on Friday after its share price was battered earlier in the week. Steinhoff shed 10%, with coronavirus-imposed lockdowns in Europe impacting negatively on operations overseas.
* South Africa could lose its last investment-grade credit rating. Moody’s Investor Service is scheduled to release an assessment of the country on Friday. The loss of an investment-grade credit rating could lead to heavy fund outflows, battering the rand even further, warns Bloomberg.
* Tributes pour in for Sol Kerzner, one of the world’s most innovative hoteliers, founder of the Southern Sun hotel group, Sun International and Kerzner International, who died at the weekend.
* SAA has suspended all intercontinental flights until May 31 in response to a government travel ban aimed at stopping the spread of the coronavirus outbreak.
* MTN said it would reduce the cost of monthly data bundles of 1 gigabyte (GB) and below by between 25% and 50% from April 15, after a finding that South Africa’s mobile data prices were the highest on the continent.
* As global central banks and governments continue their running battle to allay market fears over the scale of their response, President Cyril Ramaphosa has met with business leaders to discuss ways to contain the economic damage from Covid-19 in South Africa.
* Looking at performances on the JSE, Capitec bounced back by more than an astonishing 40% on Friday after its share price was battered earlier in the week. Steinhoff shed 10%, with coronavirus-imposed lockdowns in Europe impacting negatively on operations overseas.
