Business and Technology

SA businesses fear coronavirus fallout

More than 40-percent of South African companies fear they may not survive the coronavirus pandemic, an official survey said on Tuesday, as the country struggled with a five-week lockdown. The government statistics agency StatsSA found 42.2-percent of respondents indicated “they are not confident that their business has the financial resources to continue operating” throughout the pandemic.

The survey was carried out during the first two weeks of the lockdown. It was published ahead of a national address on Tuesday by President Cyril Ramaphosa on plans to help businesses weather the impact of the pandemic. The study sampled 707 companies, each with an annual turnover of at least R2-million, covering a range of sectors from manufacturing and construction to utilities.

Asked how long their business could continue without a turnover, 54-percent of respondents said they could only survive for between one and three months. Almost two-thirds believed the pandemic would have a “substantially worse impact” on their business compared with the 2008/9 financial crisis.

South African companies

South Africa’s central bank has forecast that GDP in 2020 will contract by 6.1-percent, while the International Monetary Fund (IMF) has predicted shrinkage of 5.8 per cent. South Africa had already slipped into recession in the final quarter of 2019 and recently saw its credit ratings cut to junk status.

The country imposed a 21-day lockdown from March 27, which was then extended by two weeks until the end of April.  Coronavirus Hotline Number: 0800 029 999 from 8 am to 4 pm, Monday to Friday Help protect your loved ones by sharing this official South African government COVID-19 service with your family, friends and community. Send HI to 0600 123 456 on WhatsApp.

The NICD has another Clinician Hotline to improve #COVID19 communication and support for healthcare providers. The Clinician Hotline is 0800 11 1131, operating 24 hrs. The Public Hotline is 0800 029 999 also operating 24hrs.

In other news – DJ Black Coffee is enjoying family time during the lockdown

With the increasing number of Covid-19 cases being reported worldwide, international DJ Black Coffee is grateful to be spending time at home with his family. Though he had to put his 2020 plans on hold in terms of his brand as a DJ, Coffee revealed that he was using this lockdown period to focus on the healing process after a rocky divorce from ex-wife Enhle Mbali, and on being a father to his children. Read more

Source: eNCA

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