CR slams theft of Covid-19 parcels for the poor, looks to fix SA Inc; tributes pour in for Marc Wainer; oil plummets

By Jackie Cameron

  • South Africa’s government is considering a range of proposals to help the economy recover from the impact of the coronavirus pandemic, including the potential sale of a R100bn ($5.3bn) social-impact bond, says Bloomberg. The proposal for the bond was submitted by Intellidex, a South African capital markets and financial services consultancy, according to Stuart Theobald, its chairman. While it wasn’t solicited by the government, it is being considered, he said. The government is also considering other proposals from the group of economists, put together by Miriam Altman, an economist who serves on the government’s National Planning Commission, reports Bloomberg. These include government guarantees for bank lending to struggling businesses and wage support.
  • Tributes are pouring in for property entrepreneur Marc Wainer, founder, former Chairman and CEO of Redefine Properties who has died at the age of 71. Wainer started his career working in his parents’ grocery and fish shop in Yeoville and went on to build one of the country’s largest and diversified Real Estate Investment Trusts (REIT) listed on the JSE. The pioneering property investor and developer had retired from the company at the end of August 2019. The South African Property Owners Association says Wainer held sway over many a city’s skyline, including in Australia and the UK. He got his first step on the property industry ladder by applying for a job as centre manager at Kempton City shopping mall, and spoke of how he was the one who got the job because he was the only one who visited the mall before the interview.
  • President Cyril Ramaphosa has promised tough action against individuals who have stolen Covid-19 parcels for the poor. President Ramaphosa on Monday expressed concern at the alleged theft of food parcels meant to assist distressed families and individuals during the Covid-19 nationwide lockdown. “A number of provinces have received reports that callous individuals, some of them allegedly government officials, are hoarding or selling food parcels earmarked for the needy and destitute, or diverting them to their friends and families,” said the President in his weekly newsletter. In the letter, the President vowed to deal with individuals harshly, should the allegations prove to be true. For more on that, see the full report on BizNews.com.
  • Business leaders and consumers have slammed a government decision to ban the sale of hot cooked food. Government has gazetted a regulation banning the sale of hot cooked food during the Covid-19 lockdown. South Africa has very strict lockdown rules, including bans on the sale of liquor and cigarettes.
  • The S&P 500 and the Dow Jones headed lower on Monday following a strong two-week rally as oil prices crashed and investors grew cautious at the start of a week that is likely to bring more dismal quarterly earnings reports and economic data, reports Reuters.
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