Panic-buying as strict lockdown looms; SA growth to shrink by 5%; platinum soars; US mortgage market in crisis
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In today's news headlines:
* Supermarkets have been inundated by shoppers and businesses are preparing to shut down operations as the country braces for a three-week lockdown aimed at curbing the spread of the coronavirus;
* Economists say South Africa is in a basket of countries that will be in recession, with one warning the economy could shrink by 5%;
* SA mines will come to a standstill, which has spurred platinum and palladium prices upwards;
* City Lodge Hotels is in crisis, as the company struggles to keep afloat after the coronavirus pandemic crushed global hotel occupancies; and
* Stark warning from a real estate investor that troubles in the US commercial mortgage market could infect global banks on a scale worse than that precipitated by events in 2008.
* Supermarkets have been inundated by shoppers and businesses are preparing to shut down operations as the country braces for a three-week lockdown aimed at curbing the spread of the coronavirus;
* Economists say South Africa is in a basket of countries that will be in recession, with one warning the economy could shrink by 5%;
* SA mines will come to a standstill, which has spurred platinum and palladium prices upwards;
* City Lodge Hotels is in crisis, as the company struggles to keep afloat after the coronavirus pandemic crushed global hotel occupancies; and
* Stark warning from a real estate investor that troubles in the US commercial mortgage market could infect global banks on a scale worse than that precipitated by events in 2008.
