Category: Business News

The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters.

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The Reserve Bank has cut its growth forecasts for South Africa, predicting the economy could shrink by as much as 4% in 2020 due to the coronavirus pandemic, the national 21-day lockdown and the recent downgrades by credit rating agencies.

The post SA’s growth unlikely to exceed 1% in 2021: Reserve Bank appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

Agriculture Minister Thoko Didiza says the R1.2 billion COVID-19 disaster fund will be targeted at smallholder and communal farmers with an annual turnover of R20 000 to R1 million.

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The rand has continued to remain weak against a basket of currencies at opening trade on Monday morning.

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Saudi Arabia and Russia are “very, very close” to a deal on oil production cuts, Kirill Dmitriev, head of Russia’s sovereign wealth fund, told CNBC on Monday.

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The City of Johannesburg will from on Monday start issuing temporary permits allowing informal food traders to operate as providers of essential services during the lockdown period.

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A majority of online South Africans are confident that the national government is effectively addressing the threat posed by the spread of the coronavirus, even as lockdowns and closures force millions to isolate themselves.

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About 20 million jobs are at risk in Africa as the continent’s economies are projected to shrink in 2020 due to the impact of the coronavirus pandemic, according an African Union (AU) study.

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Medical Aid Schemes estimate that they will spend over R2 billion just on COVID-19 testing and treatment.

The post Medical aid schemes expect to spend millions as COVID-19 cases climb to 1 655 appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

About 20 million jobs are at risk in Africa as the continent’s economies are projected to shrink this year due to the impact of the coronavirus pandemic, according an African Union (AU) study.

The post Africa could lose 20 million jobs due to COVID-19 pandemic: AU study appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

The South African arm of British American Tobacco urged the government on Saturday to reconsider its ban on cigarette sales during the nationwide coronavirus lockdown, saying it would have unintended consequences.

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Market analysts expect the rand and local stocks to come under more pressure when trading on the local bourse resumes on Monday.

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World Bank Group President David Malpass on Friday said the rapidly spreading COVID-19 pandemic was expected to cause a “major global recession” that would likely hit the poorest and most vulnerable countries the hardest.

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Small Business Development Minister, Khumbudzo Ntshavheni, says her department has received over 2000 applications from small businesses for financial relief since the launch of the system.

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The South African government says that it has noted Finch’s decision to downgrade SA’s long-term foreign and local currency debt ratings further into non-investment by one notch from BB+ to BB.

The post Fitch downgrades SA further into junk, government reiterates commitment to economic structural reforms appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..

A chain store in Centurion, south of Pretoria, has responded to the rapidly-changing lifestyles necessitated by the Covid-19 pandemic by disrupting traditional forms of local supermarket shopping as we know it.

The post Pretoria chain store adjusts to COVID-19 pandemic appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..