By Jackie Cameron
- The first coronavirus vaccine to be tested in people appears to be safe and able to stimulate an immune response against the virus, its manufacturer, Moderna, announced on Monday. The findings are based on results from the first eight people who each received two doses of the vaccine, starting in March, says The New York Times. The drug maker is advancing into accelerated human trials on the back of these early signs that the Covid-19 vaccine works well to protect against the deadly novel coronavirus which originated in China.
- As of late Monday, the total number of confirmed Covid-19 cases in South Africa had reached 15,515 with 1,160 new cases. Less than 300 Covid-19 deaths have been reported by the health ministry since the start of the outbreak.
- As many as 80,000 small businesses ranging from farmers to craft brewers may be on the verge of collapse as a direct result of the alcohol ban, warns Richard Rushton, CEO of wine and spirits manufacturer Distell Group. Bloomberg reports that industry leaders met with government officials on Friday and had “open-minded, collaborative and constructive talks” about how to resume trading alongside a broader easing of a lockdown to contain the coronavirus. Providing feedback on the meeting, Rushton said in an interview that alcoholic drinks may be available by the end of the month, he said, though details on how to trade safely have yet to be finalised. Distell’s earnings are likely to be as much as 65% lower in the year through June, according to a trading update, with sales of popular drinks such as Klipdrift brandy and Hunters Dry cider halted in the company’s biggest market, says Bloomberg. The company’s shares have slumped 41% this year, compared with a 13% fall on the FTSE/JSE Africa All Share Index.
- President Cyril Ramaphosa says he welcomes legal challenges to South Africa’s strict lockdown rules, in his regular email to the nation. “There have been legal challenges from a number of individuals, religious bodies, political parties, NGOs and from business organisations against one measure or more of the lockdown provisions they were unhappy with. Some have succeeded in their legal challenges and some have not. Some had approached the courts on the basis of the urgency of their cases had their urgency arguments dismissed and others have found other avenues for the relief they sought,” he says. “Others have subsequently withdrawn their applications following engagement with government.While we would prefer to avoid the need for any legal action against government, we should accept that citizens who are unhappy with whatever action that government has decided on implementing have a right to approach our courts for any form of relief they seek. This is a normal tenet of a constitutional democracy and a perfectly acceptable practice in a country founded on the rule of law,” says the president. His full email is available at BizNews.com.
- The R200bn loan guarantee scheme introduced by South Africa to keep small and medium size businesses from folding in the Covid-19 shutdown has been given the stamp of approval by an important ratings agency, Moody’s. The scheme will help buffer the country’s financial stability, Moody’s said on Monday. “It has the potential to reduce asset quality deterioration at banks and help maintain financial stability,” the ratings firm said in a statement, reports Reuters.
- Sasol stood out among the best performers on the Johannesburg Stock Exchange at the beginning of the week, with its share price gaining about 12% by the end of the trading session on Monday. Gold mining companies were among the worst performers, even though there is high demand for safe-haven-asset gold.
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