JOHANNESBURG, March 19 (Reuters) &#8211; South African retailer Massmart said on Thursday it had decided to close all of its non-performing stores, as cash-strapped consumers battle with high unemployment, modest wage increases and higher average fuel and utility prices. 



The company said management will cease trading of the affected 23 Dion Wired Stores on March 19, and will decide whether to cease trade in relation to the 11 affected non-performing Masscash stores.



(Reporting by Tanisha Heiberg; Editing by Shri Navaratnam)



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South Africa’s Massmart to close non-performing stores

JOHANNESBURG (Reuters) &#8211; South Africa’s rand fell to a more than four year low, stocks sunk back to 2013 levels and bond yields spiked on Wednesday, as a wave of stimulus from governments around the world failed to quell panic about the coronavirus pandemic.



At 12:54 GMT, the rand &lt;ZAR=D3 traded at 16.9800 per dollar, 2.41% weaker than its previous close, while stocks lost the majority of the gains clawed back since Monday, when the Johannesburg Stock Exchange (JSE) suffered its biggest ever daily fall. 



Markets globally were stumbling again as cases of coronavirus continued to rise and countries took increasingly draconian measures to stem the increase, with a flight from riskier assets being felt across emerging markets. 



“The rand is not alone in its losses &#8230; unfortunately the rand being as liquid as it is, it’s being caught up in the foray,” said Quinten Bertenshaw, director at ETM Trading. 



“Anybody that’s looking to hedge out any EM (emerging market) risk at the moment will be doing it in the rand.” 



The ongoing rout in South African markets means there is mounting pressure on the South African Reserve Bank ahead of a key interest rate decision on Thursday, when it is expected to cut rates in a bid to shore up an already ailing economy. 



Numerous other central banks and governments around the world have stepped in to provide large-scale support measures to businesses and consumers hurt by the coronavirus fallout. 



While Bertenshaw said a 100 basis point interest rate cut was a possibility, he added it would have to come alongside a “concerted fiscal effort” from the government, though it might not have the room in its budget to do what is required to keep the economy afloat. 



South Africa tipped into recession in the final quarter of last year, and the pandemic is expected to make matters worse by hitting tourist arrivals and commodity exports to major trading partner China. 



Both the JSE’s blue-chip top-40 index and the broader all-share index were down by around 7.5%. Many financial firms suffered, with the banking index down 12.17%. 



Other firms that bore the brunt of the declines on the blue-chip index were Impala Platinum Holdings, down 36%, and petrochemicals company Sasol. 



In fixed income, the yield on the 10-year government bond due in 2030 jumped by 75.5 basis points to 11.5%. 



(Reporting by Olivia Kumwenda-Mtambo and Emma Rumney; Editing by Amy Caren Daniel and Mark Potter)



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South African rand, stocks sink as coronavirus pummels markets again

JOHANNESBURG (Reuters) &#8211; South African retail sales rose 1.2% year on year in January following a revised decline of 0.5% in December, Statistics South Africa said on Wednesday. 



On a month-on-month basis sales were up 0.9%. They rose 1.0% in the three months to the end of January compared with the same period last year, the statistics body said. 



(Reporting by Olivia Kumwenda-Mtambo; Editing by Edmund Blair)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2151UX-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2151UX-OZABS</a> and is republished with its permission.

South Africa’s retail sales up 1.2% year on year in January

LUSAKA (Reuters) &#8211; Zambia’s health ministry on Wednesday confirmed its first two cases of COVID-19. 



“The patients are a Zambian couple that travelled to France on a 10-day holiday,” Health Minister Chitalu Chilufya said. 



(Reporting by Chris Mfula; Editing by Alex Richardson)



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Zambia’s health ministry confirms first two cases of COVID-19

(Reuters) &#8211; The World Health Organization has warned of the risk that COVID-19 could overwhelm strained public health systems in sub-Saharan Africa. Here is a selection of measures countries are taking to prepare for the virus and limit its spread.



<h3 class="wp-block-heading">SOUTH AFRICA </h3>



With more cases than any other country in sub-Saharan Africa, South Africa is barring entry to foreign travellers&nbsp;coming from or transiting through&nbsp;high-risk countries including Italy, Iran, South Korea, Spain, Germany, France, Switzerland, the United States, the United Kingdom and China, according to an advisory issue by the foreign ministry on Tuesday. 



Travellers who arrived from these countries since mid-February must report for testing. Those arriving from medium-risk countries – Portugal, Hong Kong and Singapore – will undergo high intensity screening. 



South Africans are advised to cancel or postpone all non-essential foreign travel.&nbsp;The government has also ordered schools to close early for the Easter break and will prohibit gatherings of more than 100 people. 



<h3 class="wp-block-heading">NIGERIA </h3>



Africa’s most populous nation has stepped up surveillance and is preparing for the possibility of an influx of patients. 



Lagos, the biggest city with some 20 million people, could handle 2,000 cases, said Bamidele Mutiu, who heads a regional biosafety team. To do this, they would need to use two camps previously housing people displaced by violence, he said. 



Authorities are checking the temperature of anyone who arrives at Nigeria’s airports, ports and land borders. 



Those coming from high-risk countries such as China, Iran, Italy and Spain are asked to self-isolate for 14 days, said Tarik Mohammed, a technical advisor at the Niger Centre for Disease Control. If they develop symptoms, a laboratory team will visit them and collect a sample for testing. 



<h3 class="wp-block-heading">KENYA </h3>



The East African country is suspending travel from any nation with reported COVID-19 cases. 



Only Kenyan citizens, foreigners with residence permits and United Nations workers will be allowed to come in, provided they proceed on self-quarantine, the government said this week. 



Schools and universities are closing, and public minibuses are providing hand sanitizer. 



<h3 class="wp-block-heading">ETHIOPIA </h3>



Ethiopian Airlines said on its website that medics stationed at Addis Ababa Bole International Airport, a key regional transit hub, carry out continuous health screenings 24/7. 



The government in the Horn of Africa country has closed schools nationwide and offered to transport people on government buses to ease congestion on public transport. 



<h3 class="wp-block-heading">RWANDA </h3>



The East African country is flooding its capital, Kigali, with portable sinks for hand-washing at bus stops, restaurants, banks and shops. Schools, universities, churches and courts are closed nationwide. Some flights are suspended. 



<h3 class="wp-block-heading">CAMEROON </h3>



From Wednesday, Cameroon, in central Africa, will close land, air and sea borders indefinitely, the government said in statement on Tuesday. International flights will be grounded, with the exception of cargo planes. Schools and restaurants will shut, and gatherings of more than 50 people are banned. 



<h3 class="wp-block-heading">LIBERIA </h3>



The West African country is applying lessons learned fighting a devastating Ebola outbreak in 2014-15. 



“We were one of the first countries to start enhanced screening at the airport on Jan. 25,” said&nbsp;Mosoka P. Fallah, acting director general of the National Public Health Institute of Liberia. 



More than 200 people have been trained as field epidemiologists and check for diseases in all 90 districts, said Tolbert Nyenswah, senior research associate at the Johns Hopkins Bloomberg School of Public Health in the United States and former incident manager for Liberia’s Ebola response. 



“If there is a case of a suspected disease, a sample is sent to a lab and tested.” 



There are hand-washing stations at public places including stores, shops, schools, hospitals, restaurant and government offices. 



<h3 class="wp-block-heading">SENEGAL </h3>



Has been taking all passengers’ temperatures since Jan. 28 and asks for contact details, so officials can reach them if someone else on the plane tests positive, a spokesman for Dakar airport said. 



<h3 class="wp-block-heading">GHANA </h3>



Has implemented some of the most stringent measures in West Africa with a mandatory 14 days of quarantine for all people arriving from abroad. Travelers from countries with over 200 cases of coronavirus are barred from entering the country unless they are Ghanaian citizens or residents.



<h3 class="wp-block-heading">MAURITANIA </h3>



After confirming its first case on March 13, the West African country closed the international airport, suspended teaching in schools and universities, and banned weekly markets. 



<h3 class="wp-block-heading">MADAGASCAR </h3>



One of the world’s poorest countries, the island nation has suspended all flights for 30 days, a blow to its tourism industry. 



(Reporting by Africa bureaux)



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Clarification on COVID-19 “hotspots” as SA moves to level 3 lockdown

FACTBOX: What Africa is doing to fight coronavirus

JOHANNESBURG (Reuters) &#8211; South African Airways (SAA) said on Wednesday that it had cancelled 162 international and regional flights until the end of this month due to low demand and restrictions linked to the coronavirus. 



SAA is under a form of bankruptcy protection and battling for its survival. President Cyril Ramaphosa on Sunday announced travel bans affecting several countries where SAA flies, including the United States, Britain and Germany. 



(Reporting by Alexander Winning; Editing by Tim Cocks)



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South African Airways cancels 162 flights due to coronavirus

Report by Josiane Kouagheu, Juliette Jabkhiro and Aaron Ross



YAOUNDE/DAKAR (Reuters) &#8211; When a passenger arriving from Brussels at Cameroon’s Yaounde Nsimalen airport on Saturday was found to have a temperature, health officials say he was whisked to a hospital and diagnosed inside four hours as the country’s fourth case of coronavirus.



The central African country was doing more generalised screening for disease long before China revealed the new virus that has killed around 7,000 people globally. Along with other countries on the continent, it hopes its experience guarding against Ebola and other epidemics will help its health system cope with a pandemic that could quickly overwhelm it. 



“We have cases that were not caught by the measures in France and Italy that were caught here,” Georges Alain Etoundi Mballa, who runs the health ministry’s epidemic response, told Reuters, describing the screening as a “spying network”. 



“Epidemics come and go, but we keep on the surveillance.” 



The virus now ravaging Europe has appeared in at least 26 out of 49 countries in sub-Saharan Africa. In most of them the recorded cases are still in single figures and have come in from abroad &#8211; notably Europe &#8211; rather than emerging at home. [nL8N2BA5PT] 



The stakes are high &#8211; if the disease gets into Africa’s poorest areas, squalid, cramped conditions could cause it to spread at lightning speed. 



Hospitals are already overburdened with cases of measles, malaria and other deadly infectious diseases, and conflicts have displaced hundreds of thousands of people and destroyed infrastructure. 



Asking patients to self-quarantine at home is not practical in many areas, where families cram into a single room, share a communal tap or latrine, and survive on daily earnings. 



“Africa should brace itself for a serious challenge,” John Nkengasong, head of the Africa Centres for Disease Control and Prevention (CDC), said on March 11. “I still believe containment is possible, but only with extensive testing and surveillance.”



<h3 class="wp-block-heading">EBOLA EXPERIENCE </h3>



In some places that looks all but impossible. 



In South Sudan, devastated by a five-year civil war, the government has just 24 isolation beds, said Dr. Angok Gordon Kuol,&nbsp;incident manager for the outbreak at the Ministry of Health. 



He said public officials were trying to encourage hand-washing, but many in the impoverished East African nation of 12 million people could not afford soap and did not have running water. 



The health ministry in Burkina Faso, which is under siege from jihadist groups linked to Islamic State and al Qaeda, said in a report last week that the country lacked the resources to deal with the outbreak. 



Its border crossings have no sites to isolate suspected cases, and the West African country does not have enough skilled health workers, the report said. “This can result in high mortality rates and an increased risk of spreading the disease.” 



Ebola killed more than 11,000 people in West Africa between 2013 and 2016, mainly in Guinea, Liberia and Sierra Leone. It devastated communities but provided valuable lessons. 



The Africa CDC, set up by the African Union in 2017, has been working with the World Health Organization (WHO) to strengthen emergency coordination, improve testing and surveillance, and equip treatment centres. 



“We know the fragility of our system, and because of that, when the outbreak was declared, the countries just went into action,” said Mary Stephen, technical officer at the WHO’s Africa office. 



The number of countries with labs able to diagnose COVID-19 in the region increased from two to 39 in just over a month. But that still leaves eight countries without. 



Passengers arriving at major airports have temperatures checked and are asked to fill out travel questionnaires, and in Nigeria, a taskforce meets regularly to evaluate the risks. 



“We will never be caught pants down,” said Bamidele Mutiu, who helped coordinate the West African country’s Ebola response and now runs a biosafety lab in Lagos. 



With three confirmed cases, Africa’s most populous nation is scrambling to increase the number of isolation beds and provide more specialized medical training and equipment at state hospitals. 



“Our health system is not as strong as we’d like it to be,” said Chikwe Ihekweazu, head of the Nigeria Centre for Disease Control. “It is because we are a bit worried about our capacity to deal with a large outbreak that we are focused so intensively on prevention and early detection.” 



Promoting good hygiene is a key part of that effort. But that is easier said than done. Less than half the population in 34 African countries have basic hand-washing facilities in their homes, according to a 2017 United Nations survey. 



<h3 class="wp-block-heading">KEEPING CLEAN </h3>



In Senegal’s capital Dakar, announcements ring out through loudspeakers on passing cars urging people to wash their hands. A group of school children in soccer shirts reels off highlights from a recent lesson &#8211; a crash course in preventing COVID-19. 



But in their suburb, Pikine, where more than a million people live, the water is frequently cut off. 



“Cleanliness is important, but here it’s not easy,” said Marcelle Diatta, a 41-year-old mother of four who lives in a two-bedroom apartment with four extended family members. 



Khary Faye Sougou, head nurse at a local health centre in Pikine, where donkey carts jostle with delivery trucks on sandy alleyways, said she was encouraging residents to stockpile bottles of water; but not everyone could afford to do so. 



In Senegal, a West African country that has recorded 27 cases, medical staff said they had received limited protective equipment beyond extra gloves and masks. 



“If we have a case, maybe I’ll go with a mask and my white coat, and after the visit I’ll throw them away,” Sougou said. 



Ousmane Gueye, head of the crisis unit at Senegal’s health ministry, said the government was deploying protective gear to facilities that need it. 



There are ample stocks of masks and gloves and enough beds to accommodate dozens more patients, according to health officials. However, there are no reserves of ventilators, which are in short supply across Africa. 



In South Africa, which has recorded 62 cases of the virus, medical services could be “swamped” if it spreads within the country’s vast shanty towns, Susan Cleary, a health economist at the University of Cape Town, said. 



“Transmission in an informal settlement is a disaster, an absolute disaster,” she said. 



(Additional reporting by Christophe Van der Perre in Dakar, Alexis Akwagyiram and Angela Ukomadu in Lagos, Paul Carsten in Abuja, Omar Mohammed in Nairobi, Giulia Paravicini in Addis Ababa, Wendell Roelf in Cape Town, Joe Bavier in Abidjan and Henry Wilkins in Ouagadougou; Writing by Aaron Ross; editing by Edward McAllister, Alexandra Zavis and Philippa Fletcher)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN214328-OZATP">https://af.reuters.com/article/topNews/idAFKBN214328-OZATP</a> and is republished with its permission.

Armed with lessons from Ebola, Africa braces for coronavirus surge

The following is a media release by the Republic of South Africa&#8217;s Ministry of Health



LATEST CONFIRMED CASES OF COVID-19 



18 March 2020 



We wish to inform all South Africans that as of this morning, 18 March 2020, South Africa now has 116 confirmed cases of COVID-19. This means that there has been an increase of 31 new cases from yesterday’s announcement. 



The details of the cases are as follows: 



GAUTENG: 16 -A 25 year old male who travelled to the UK -A 45 year old male who travelled to Austria -A 52 year old male who travelled to Austria and Italy -A 49 year old female who travelled to Austria and Italy -A 35 year old male who travelled to the UK and Netherlands -A 34 year old female who travelled to the UK -A 30 year old female who travelled to Switzerland and Austria



 -A 36 year old female who travelled to Switzerland and Austria -A 30 year old female who travelled to Italy -A 35 year old male who travelled to Italy -A 34 year old male who travelled to Italy -A 37 year old male who travelled to Finland and France -A 20 year old male with no international travel history -A 3 year old male with no international travel history -A 21 year old female with no international travel history -A 71 year old female with no international travel history 



KWAZULU-NATAL:3 
-A 59 year old male who travelled to Austria and Italy 
-A 54 year old male who travelled to Italy 
-A 55 year old male who travelled to Italy 



MPUMALANGA:2 
-A 64 year old male who travelled to Italy 
-A 56 year old female with no international travel history 



WESTERN CAPE:10 
-A 2 year old male who travelled to New Zealand 
-A 51 year old male who travelled to Egypt an Dubai 
-A 35 year old female who travelled to Switzerland and Dubai 
-A 27 year old female who travelled to Switzerland and Dubai 
-A 60 year old male who travelled to Portugal and the UK 
-A 51 year old male who travelled to the UK 
-A 54 year old female who travelled to Portugal and the UK 
-A 51 year old male who travelled to the UK 
-A 26 year old female who travelled to the UK 
-A 68 year old male with no international travel history. 



Today we have a further increase of 6 local transmission cases. As part of tracking and tracing, we have collated background information on how these patients were infected. We will provide information to the public, so as to give a sense of how these local transmissions occur. We will however not disclose full details as this information is subject to patient confidentiality which we are bound by. 



Dr Zwelini Mkhize Minister of Health Ends..

SA confirms 31 new COVID-19 cases, totalling 116 infected

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Central banks and finance ministers around the world have been scrambling for a solution to curb fears over covid-19 and prevent a deep global recession. What coronomics should our own country be following as the South African Reserve Bank starts its two-day monetary policy committee meeting tomorrow? Economist, Duma Gqubule and Isaah Mhlanga, Chief Economist at Alexander Forbes join CNBC Africa to give insight.

COVID-19: What will SARB do?

JOHANNESBURG (Reuters) &#8211; South Africa’s Sasol aims to generate $6 billion by the end of the 2021 financial year through several measures, including a potential rights issue and asset sale, as the company looks to address debt levels after a crash in the price of oil.



Shares in the petrochemicals group rose 15% at the market open before reversing some gains to trade up 6.28% at 47.55 rand by 0716 GMT. 



Sasol saw its shares plunge last week, falling to a 21-year low after oil prices dived, raising concerns about its debt levels following delays and cost overruns at its Lake Charles Chemicals project (LCCP) in Louisiana. 



“The immediate focus is on the actions to stabilise the company and protect the balance sheet so that the underlying value of the portfolio is not compromised, and instead the potential realised in the interests of all Sasol’s stakeholders,” Sasol said. 



The world’s top manufacturer of motor fuel from coal said it would target immediate measures to deliver a cash improvement of approximately $1 billion by June,30 2020. 



Sasol said it could raise up to $2 billion in a potential rights issue after the 2020 financial year results. 



The company had already entered into a standby underwriting agreement with BofA Securities, Citigroup and J.P. Morgan Securities for a rights issue. 



Sasol, which has completed a review of its assets started in 2017, said it would accelerate disposals and expand the scope to realise proceeds above its previous target of $2 billion. 



The company said it would also seek a potential partner at Sasol’s U.S. Base Chemicals assets. 



Sasol said it was engaging its lenders under its debt facilities to discuss adequate flexibility on its financial maintenance covenant thresholds in its debt agreements. 



(Reporting by Tanisha Heiberg; Editing by Kim Coghill and Louise Heavens)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21419C-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21419C-OZABS</a> and is republished with its permission.

Sasol aims to generate $6 billion to boost balance sheet

NAIROBI/ADDIS ABABA (Reuters) &#8211; More African nations confirmed their first cases of the coronavirus and shut borders amid fears of the disease’s impact on fragile health systems, as Chinese billionaire and Alibaba co-founder Jack Ma pledged to donate over 1 million testing kits to the continent.



Thirty African countries &#8211; more than half the continent &#8211; are now treating nearly 400 patients with coronavirus, after Tanzania, Liberia, Benin and Somalia said they registered their first cases. 



Africa had until recently been spared the rapid spread of COVID-19, which has infected at least 180,000 people worldwide and caused over 7,000 deaths. But health experts are concerned the continent’s often dilapidated health infrastructure will struggle to cope as cases mount. 



“We cannot ignore the potential risk to Africa and assume this continent of 1.3 billion people will blissfully escape the crisis. The world cannot afford the unthinkable consequences of a COVID-19 pandemic in Africa,” Ma’s foundation said in a statement. 



The foundation will send 1.1	million testing kits, 6 million masks and 60,000 protective suits and face shields to Ethiopia for distribution to Africa’s 54 nations, it said. 



Earlier on Monday, the World Bank said it had committed $60 million to Kenya to help the East African nation battle the outbreak. 



Some countries on the continent, such as conflict-hit Somalia, depend on donors to support basic public health facilities. 



Somalian Health Minister Fawziya Abikar Nur said the ministry had quarantined and tested four Somalis who came from China last week, and one had tested positive for the respiratory disease. International flights to Somalia were suspended for two weeks, the aviation minister said. 



In West Africa, the small and impoverished nation of Liberia announced its first case. Liberia was devastated by a 2014 Ebola epidemic that killed 4,000 people, and its healthcare system has remained underfunded despite promises of investment. 



Benin, considered a relatively stable democracy in the turbulent West African region, also announced its first case. The Health Ministry said the Beninois national was being held in an isolation ward in the capital after returning from Belgium and Burkina Faso on March 11. 



The Health Ministry in the East African nation of Tanzania also confirmed its first case, a Tanzanian woman who had travelled to Denmark, Sweden and Belgium. She had her temperature taken at the airport but had no fever and was allowed to pass, but later felt unwell at her hotel, the ministry said. [L8N2B913C] 



Also on Monday, Rwanda, Burkina Faso, Ethiopia, Senegal and Cameroon all reported more cases and South African Finance Minister Tito Mboweni said his nation, which has 62 cases so far, may need to raid other government departments for funds to fight the disease. He did not provide any figures. 



<h3 class="wp-block-heading">CRACKDOWN AS BORDERS CLOSE </h3>



Many African nations, including some without reported cases, have ordered tougher control measures, including bans on public gatherings, halting flights and closing schools and universities. 



In northern Africa, Tunisia said it would suspend international flights and close its land border in an effort to contain the spread of the virus. 



Botswana, in southern Africa, said on Monday it would bar entry to travellers from 18 high-risk countries, including China, Britain, the United States, Iran, France and Italy. 



In West Africa, Senegal said it would suspend flights to and from France, Italy, Spain, Belgium and Portugal, as well as Tunisia and Algeria, for a period of 30 days. 



Ivory Coast said it would bar entry to travellers from countries with over 100 cases, although Ivorian citizens and residents would be allowed to return if they went into quarantine for 14 days. It also closed schools, nightclubs and cinemas and banned gatherings of over 50 people, according to a national security council statement. 



Ethiopia, Africa’s second-largest nation, joined the growing list of countries that closed schools for two weeks, suspended all large gatherings and cancelled all sports events, Prime Minister Abiy Ahmed’s office said. 



Government buses will give people free rides to curb overcrowding in the public transport system, a statement said. 



In Central Africa, Congo Republic said it would suspend all flights from high-risk countries from Thursday. Neighbouring Gabon reduced the number of flights from abroad to one a week per airline and ordered restaurants to close, barring takeout and delivery. 



Nigeria’s Health Ministry said the country, Africa’s most populous, had strengthened contact tracing, stockpiled reagents used in test kits and increased testing capacity. 



Also on Monday, Kenyan police raided a clinic alleged to be selling fake coronavirus testing kits. Police detained staff and locked the facility, witnesses told Reuters journalists at the scene, after it had been advertising testing kits online. 



(Reporting by Giulia Paraviciniin Addis Ababa, Adbi Sheikh in Mogadishu, Omar Mohammed, Baz Ratner and David Lewis in Nairobi, Juliette Jabkhiro in Dakar, Clement Uwiringiyiman in Kigali; Olivia Kumwenda in Johannesburg and Elias Biryabarema in Kampala; Diadie Ba in Dakar; Christian Elion in Brazzaville; Loucoumane Coulibaly in Abidjan; Gerauds Wilfried Obangome in Libreville; Writing by George Obulutsa, Katharine Houreld and Alessandra Prentice; Editing by William Maclean, Steve Orlofsky and Peter Cooney)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN214194-OZATP">https://af.reuters.com/article/topNews/idAFKBN214194-OZATP</a> and is republished with its permission.

More African countries confirm first coronavirus cases as Jack Ma pledges aid

JOHANNESBURG (Reuters) &#8211; South African hotel and casino operator Sun International is already handling cancellation of conference bookings and events by clients, CEO Anthony Leeming said on Monday, as companies rush to contain the spread of the coronavirus. 



Late on Sunday, South African president Cyril Ramaphosa declared a national state of disaster as he announced a range of measures to contain the outbreak that has so far infected 61 and showed the first signs of internal transmission. 



Measures to be taken include travel bans from countries such as Italy, Germany, China and the United States. The government will also prohibit gatherings of more than 100 people and cancel large events and celebrations, Ramaphosa said. 



Even before the declaration, Sun International had started seeing the impact of travel restrictions, Leeming told Reuters over the phone. 



“With travel restrictions we’ve definitely lost all international business and conference group bookings are cancelling left right and centre,” he said. 



“With the President’s announcement, we’re going to have all conferencing cancelled for the next couple of months. So that’s the real impact on the hospitality side.” 



Events such as music concerts that are usually held at its Times Square arena and Sun City resort have also been called off. Leeming said this will not be a huge loss for the operator. 



On the casino side, Sun International has not yet seen a significant slow down in foot traffic but Leeming expects “a little bit of slowdown” as people avoid going out. 



<h3 class="wp-block-heading">ONLINE SPORTS BETTING </h3>



In line with exploring new growth opportunities, Sun International will launch an online sports betting platform in the next month or two in Peru, Leeming told Reuters. 



“Then that will quickly roll-out in Panama where we have an online sports betting license and then we can roll it out quite quickly if we can secure a license in Brazil and Argentina,” he said. 



Sun International reported a 91% jump in adjusted headline earnings per share, the main profit measure in South Africa, for the year ended Dec. 31, to 605 cents per share from 316 cents per share a year ago due to lower interest and depreciation and a significantly lower tax rate. 



Total income rose by 4% to 17.2 billion rand ($1.05 billion), primarily driven by above-market organic growth from key operations in South Africa and the impact of acquisitions made in Latin America during the prior year. 



 ($1 = 16.4071 rand) 



(Reporting by Nqobile Dludla; Editing by Himani Sarkar and Pritha Sarkar)



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Conferences, events cancelled at Sun International over virus fears

JOHANNESBURG (Reuters) &#8211; South Africa’s Taste Holdings is in the process of placing its food businesses into voluntary liquidation after a failed attempt to offload its Domino’s Pizza franchise.



Taste’s move to liquidate the business comes after South Africa entered its second recession in two years in the final quarter of last year. 



It will see 770 employees lose their jobs, while 55 stores owned by the company have closed, said Taste, whose food businesses own and license Domino’s Pizza franchises in South Africa. 



In February last year Taste, which has been facing poor retail sales, estimated it required more than 700 million rand ($42 million) to achieve a positive cash flow and expand its food businesses which also included Starbucks store franchises. 



But despite raising 132 million rand via a rights offer, it failed to secure the required investment. In November it said it would sell its Starbucks and Domino’s Pizza franchises in South Africa, retreating from a food industry that has been hit hard by the sluggish local economy, whose woes have been compounded by the global coronavirus outbreak.



However, Taste on Monday said a deal to dispose of its Domino’s franchise business could not be concluded on terms acceptable to all parties. 



“Domino’s Pizza LLC was extensively involved in finding a buyer for our licence and approached other franchisees in their global network as potential suitors,” Taste Holdings Chief Executive Duncan Crosson said. 



“However, discussions with three master franchise partners, as well as various global suitors, finally collapsed this week, triggering the voluntary liquidation decision.” 



It added that it has received no communication on the date of cancellation of the franchising licence, “the group retains the regional franchising licence until further notice”. 



Following the liquidation of Taste’s food businesses &#8211; Taste Food Franchising Proprietary, Taste Commissary Proprietary and Taste Food Trading 1 Proprietary Ltd &#8211; the company will have to fully impair the remaining intercompany loans, with the units valued at about 450 million rand ($27.38 million).



Taste Food Franchising Proprietary owns and licenses Domino’s Pizza franchises in South Africa. 



($1 = 16.6449 rand) 



(Reporting by Shanima A in Bengaluru and Nqobile Dludla in Johannesburg; Editing by Devika Syamnath and Pravin Char)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN21324E-OZABS">https://af.reuters.com/article/investingNews/idAFKBN21324E-OZABS</a> and is republished with its permission.

Taste Holdings to liquidate food business, hitting 770 jobs

HARARE (Reuters) &#8211; Zimbabwe’s year-on-year inflation was 540.16% in February, statistical agency Zimstat said, as the southern African nation resumed publishing annual consumer price data it suspended last year. 



On a month-on-month basis, prices were up 13.52% during the same period compared to 2.23% during the previous month. 



The central bank forecasts the annual inflation rate to fall to 50% by the end of the year but analysts say price pressures will remain elevated due to a weak exchange rate and shortages of food following a drought. 



(Reporting by MacDonald Dzirutwe; Editing by Kim Coghill)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2130X7-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2130X7-OZABS</a> and is republished with its permission.

Zimbabwe inflation 540.16% year-on-year in February – Zimstats

JOHANNESBURG (Reuters) &#8211; The board of South Africa’s Old Mutual likely wants to have appointed a new chief executive within a few months, interim CEO Iain Williamson said on Monday, when the insurer announced its full-year results and its shares dropped 8.5%. 



Old Mutual said full-year adjusted profit rose 7%, versus the already flagged expected increase of up to 9% &#8211; which it attributed mostly to higher returns on invested capital due to an improved market, as opposed to performance. 



The company’s share drop comes after the stock sunk in 2019 partly due to a spat with former boss Peter Moyo over his abrupt sacking in June following a dispute over a conflict of interest. 



Williamson said that while the hunt for a new CEO was underway, he deferred questions on what stage the process was at and possible time frame to the board. 



“I suspect they would like it done in the next few months,” he said 



After initially winning a series of victories, Moyo’s case was dismissed in January &#8211; a decision he is appealing. 



That marked a much-needed win for 175-year-old Old Mutual, whose handling of the matter was criticised by some shareholders and customers, denting the reputation of one of South Africa’s oldest companies. 



Williamson said this had some impact on its ability to win new business, with the brand’s image hurt by the issue, though it was hard to isolate this from the much larger impact of a tough economy in South Africa. 



Old Mutual’s results from operations &#8211; its measure of operating profit &#8211; fell 2%, verses a potential decline of as much as 5% flagged in a trading statement earlier in March. 



The insurer pointed to economic deterioration in its home market, by far its largest and which tipped into recession this year. Many of its markets outside of South Africa also suffered. 



Its adjusted headline earnings per share for the year to Dec. 31 stood at 209.3 cents ($0.1283), versus 195.1 cents a year earlier. Headline earnings per share is the main profit measure in South Africa. 



Old Mutual adjusts its figure to account for factors including the break up of its former conglomerate structure into four separate entities &#8211; a U.S. asset manager, British wealth manager, African financial services division and a bank &#8211; that executives said would fare better alone. 



Its shares regained some ground after dropping 8.5% at market open, and were down 5.92% by 0722 GMT, slightly outperforming the local stock market which was down 6%. 



($1 = 16.3118 rand) 



(Reporting by Emma Rumney; Editing by Shailesh Kuber and Christopher Cushing)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/investingNews/idAFKBN2130WZ-OZABS">https://af.reuters.com/article/investingNews/idAFKBN2130WZ-OZABS</a> and is republished with its permission.

Old Mutual wants new CEO within months; shares drop after earnings

CAPE TOWN (Reuters) &#8211; South African president Cyril Ramaphosa declared a national state of disaster on Sunday as he announced a range of measures to contain a COVID-19 outbreak that has so far infected 61 and showed the first signs of internal transmission.



In a live television broadcast after a special cabinet meeting, Ramaphosa said the outbreak, first detected on March 5, could have a significant and “potentially lasting” impact on a struggling economy, which is already in recession. 



Measures to be taken include travel bans to countries such as Italy, Germany, China and the United States. The government will also prohibit gatherings of more than 100 people and cancel large events and celebrations, he said. 



“It is concerning we are now dealing with internal transmission of the virus. This situation calls for an extraordinary response, there can be no half measures,” Ramaphosa said. 



He said government has cancelled visas to visitors from high-risk countries from Sunday, with previously granted visas also revoked. 



“Any foreign national who has visited high-risk countries in the past 20 days will be denied a visa,” he said, adding that South Africans who visited targeted countries would be subjected to testing and quarantine when returning home. 



First detected two weeks ago with a single positive result, the number of cases has risen to 61 by Sunday, a mushrooming rate that mirrors the rapid spread of the virus worldwide. 



The health ministry said earlier it had conducted 1,476 tests, with no fatalities. On Sunday, one of South Africa’s top universities, Wits in the economic heartland Gauteng, instructed 350 students to immediately self-quarantine for two weeks after a classmate tested positive for COVID-19. 



Besides the health impacts, Ramaphosa said the economy would not be spared as exports decline in key markets, including China, and the labour-intensive tourism sector suffers. 



“Cabinet is therefore in the process of finalising a comprehensive package of interventions to mitigate the expected impact of COVID-19 on the economy,” he said. 



(Reporting by Wendell Roelf; Editing by Jan Harvey and Alexander Smith)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2130XH-OZATP">https://af.reuters.com/article/topNews/idAFKBN2130XH-OZATP</a> and is republished with its permission.

Ramaphosa declares national state of disaster over COVID-19

JOHANNESBURG (Reuters) &#8211; South Africa’s Supreme Court of Appeal (SCA) has rejected former president Jacob Zuma’s application to appeal a lower court’s decision that he should stand trial for corruption, a registrar of the court said on Friday. 



According to the local news agency Eye Witness News, the SCA ruled that Zuma’s appeal against an October decision by the Pietermaritzburg High Court had “no reasonable prospects of success”. 



Zuma, in office from 2009-2018, had applied for the stay of prosecution for alleged fraud, racketeering and money laundering relating to a deal to buy European military equipment for South Africa’s armed forces in the 1990s. 



The French defence firm Thales, accused of agreeing to pay Zuma around $34,000 annually for protection from an investigation into the $2 billion arms deal, and set to stand trial this year along with the former leader, had also appealed the decision. 



Both Zuma and Thales had their appeals rejected, the court said. 



(Reporting by Mfuneko Toyana and Alexander Winning; Editing by Kevin Liffey)



This article was first published on Reuters Africa <a href="https://af.reuters.com/article/topNews/idAFKBN2101R4-OZATP">https://af.reuters.com/article/topNews/idAFKBN2101R4-OZATP</a> and is republished with its permission.

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Taste Holdings to liquidate food business, hitting 770 jobs

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Old Mutual wants new CEO within months; shares drop after earnings

Ramaphosa declares national state of disaster over COVID-19

Former president Zuma’s bid to stop corruption trial is rejected

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Southern Africa

South Africa’s Massmart to close non-performing stores

South African rand, stocks sink as coronavirus pummels markets again

South Africa’s retail sales up 1.2% year on year in January

Zambia’s health ministry confirms first two cases of COVID-19

FACTBOX: What Africa is doing to fight coronavirus

South African Airways cancels 162 flights due to coronavirus

Armed with lessons from Ebola, Africa braces for coronavirus surge

SA confirms 31 new COVID-19 cases, totalling 116 infected

COVID-19: What will SARB do?

Sasol aims to generate $6 billion to boost balance sheet

More African countries confirm first coronavirus cases as Jack Ma pledges aid

Conferences, events cancelled at Sun International over virus fears

Taste Holdings to liquidate food business, hitting 770 jobs

Zimbabwe inflation 540.16% year-on-year in February – Zimstats

Old Mutual wants new CEO within months; shares drop after earnings

Ramaphosa declares national state of disaster over COVID-19

Former president Zuma’s bid to stop corruption trial is rejected

News Tips

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