By Jackie Cameron
- As of late Tuesday, the total number of confirmed #COVID19 cases in South Africa stands at 1,749, with 13 reported deaths. That’s according to Minister of Health Dr Zweli Mkhize who said, on Twitter, that the latest reported victim was a male who had stage 4 prostate cancer at Parklands Hospital. The UK and New York state reported their worst daily death tolls since the pandemic began even as several European nations said they planned to ease lockdowns, says Bloomberg. China said it didn’t have any new deaths for the first time since the pandemic emerged in December. That comes a day before the lockdown is lifted in Wuhan, where the pathogen was first detected in humans. Italy reported its fewest new infections since March 13 and fewer deaths, though that’s off a high base, with more than 16,500 deaths from Coronavirus since the beginning of the year, according to Johns Hopkins data. Spain also reports a high death toll, of not far off 14,000 deaths with France having the third highest death rate in Europe, with nearly 9,000. The UK had logged just under 5,400 deaths as of Tuesday. For more on the coronavirus pandemic, listen to the BizNews Inside Covid-19 podcast, with Alec Hogg, who shares detailed daily updates and insights on the pandemic.
- Get well messages have poured in for UK Prime Minister Boris Johnson, who has contracted Covid-19 and was admitted to the intensive care unit of a London hospital on Monday. His spokesman told reporters on Tuesday that he hasn’t been diagnosed with pneumonia but has received supplementary oxygen. James Slack, says Bloomberg, told reporters on a conference call Tuesday. Slack said Johnson was “stable” overnight and “remains in good spirits.” “He is receiving standard oxygen treatment and is breathing without any other assistance. He has not received mechanical ventilation or non-invasive respiratory support.”
- South African bank stocks recovered to make gains on Tuesday after the central bank signalled that its advice not to pay dividends did not include 2019’s and that the National Treasury was considering a scheme to encourage lending, reports Reuters. The South African Reserve Bank’s Prudential Authority advised banks not to pay dividends or bonuses this year on Monday, joining the Bank of England, European Central Bank and others in asking them to skip shareholder returns. The Johannesburg Stock Exchange’s banking index, which fell 4.3% at the market open, was 9.3% higher at 1445 GMT, says Reuters
- Emerging-market currencies offer the best buying opportunity in more than two decades, according to Charlie Robertson, Renaissance Capital’s global chief economist – who particularly likes the rand right now. His bull case, which includes the Mexican peso and Brazilian real, is based on historically cheap valuations, funding support from multilateral lenders and the prospect of a weaker US dollar, says Bloomberg.
- Chinese firms are getting ready for discount deals in Europe, where the coronavirus pandemic has sent companies scrambling for cash to stay in business. Bankers have recently seen a spike in requests from Chinese firms and funds for proposals on targets in Europe, sources told Bloomberg. Many of the potential acquirers are state-owned enterprises, they said. These preliminary talks come as listed company valuations have tumbled along with the MSCI Europe Index, which tracks the continent’s developed market performance. The index slumped 23% this year in the worst rout since the global financial crisis, says Bloomberg. Deals led by Chinese firms, particularly those owned or backed by the state, risk setting up clashes with European governments, who have signalled their willingness to defend strategic sectors, warns the news service. In Europe, industries from airlines and hoteliers to soccer leagues are seeking funding aid as the business halt brought by the pandemic leads to cash-flow issues. In anticipation of potential hostile suitors, including Chinese firms, some of the corporates in Europe are dusting off their defence strategy, the sources reportedly said. Bankers have been asked to help in defending against potential takeovers, adds Bloomberg. While the pandemic and global travel restrictions mean deals might not be sealed anytime soon, Chinese suitors are keen to explore as they see less competition from foreign counterparts who are busy handling the outbreak, the people said.
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