SA to face 5 tough years - SA Reserve Bank warning; banks brace for big losses; SAA in ICU; Woolies warning
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In today's news headlines:
* South Africa stands to lose five years of potential economic output due to the shock from the coronavirus pandemic and measures to curb its spread, warns the Reserve Bank’s lead economist;
* Most South Africa banks are are likely to report losses in the next year or two. So says Kuben Naidoo, Reserve Bank deputy governor and also head of the Prudential Authority, which regulates lenders;
* South Africa plans a $20.5bn infrastructure program to boost job creation, said Paul Mashatile, the treasurer-general of the ruling African National Congress, in a speech to London’s Chatham House;
* SAA can still be saved if it gets the necessary funding, the state-owned airline’s administrators said on Wednesday, adding they were talking to the government about a potential restructuring; and
* Woolworths has scrapped its 2020 dividend and is reviewing its Australasian property assets as the retailer battles tough conditions created by the Covid-19 pandemic, says Reuters.
* South Africa stands to lose five years of potential economic output due to the shock from the coronavirus pandemic and measures to curb its spread, warns the Reserve Bank’s lead economist;
* Most South Africa banks are are likely to report losses in the next year or two. So says Kuben Naidoo, Reserve Bank deputy governor and also head of the Prudential Authority, which regulates lenders;
* South Africa plans a $20.5bn infrastructure program to boost job creation, said Paul Mashatile, the treasurer-general of the ruling African National Congress, in a speech to London’s Chatham House;
* SAA can still be saved if it gets the necessary funding, the state-owned airline’s administrators said on Wednesday, adding they were talking to the government about a potential restructuring; and
* Woolworths has scrapped its 2020 dividend and is reviewing its Australasian property assets as the retailer battles tough conditions created by the Covid-19 pandemic, says Reuters.
