Business

5 important things happening in South Africa today

Staff Writer

 ·12 Jun 2020

Here’s what is happening in and affecting South Africa today:

Coronavirus: Global coronavirus infections are now over 7.3 million in total, with deaths exceeding 416,000. In South Africa, another daily jump of 3,148 cases takes the total to 58,568, with the death toll rising to 1,284. Recoveries have also increased to 33,252, giving the country a balance of  24,122 active cases.

• Change the only way: Medical experts warn that having South Africans change their behaviour is the only way to help prevent the spread of Covid-19 – saying the virus is not something that can be regulated or punished away. South Africans have already shown they are capable of changing their behaviour in terms of social distancing and hygiene, but more needs to be done. Community leaders need to take charge and lead the way – while government needs to loosen its tight grip, where enforcement is breaking trust, they said. [TimesLive]

• Roll the dice: South Africa’s casino industry is the next to push for re-opening. The industry is worth billions of rands and employs thousands of workers – but has been closed for business since the country entered lockdown in March. It is now facing mounting losses which could lead to retrenchments and permanent damage. It forms part of the tourism industry’s bid to re-open, with insiders stating that these facilities could open within the next month. Government is looking at easing lockdown restrictions yet again, but is waiting for expert advice. [Moneyweb]

• Salons: In a week of major court battles for government, Friday will see the launch of yet another one, this time with the DA in a bid to allow hairdressers and salons to re-open. The industry has been shut down since the start of the lockdown, and many have had to resort to illicit trading in order to survive. The new court action will try to get the ban on these services lifted. However, it may already be too late for many, with some salon owners and service providers saying they may not be able to return to work even if the ban is lifted. [EWN]

• Beware Big Brother: A UN expert has warned against heavy-handed removal of civic freedoms, breaches of privacy and censorship in dealing with the Covid-19 pandemic, saying that dictatorships and authoritarian rule often start in the face of a threat. Monitors have already recorded alarming trends in some countries relating to this – including South Africa, where government has gone so far as to make the spreading of false information regarding the coronavirus illegal, in vague terms. Experts warn about breaches of privacy in contact tracing, and governments using the virus as an excuse to limit freedom of association and restricting movement beyond what is necessary. [Mail & Guardian]

• Markets: The warnings that the recent risk-on rally is premature and unsustainable rang true this week as the market made a U-turn. The change in risk appetite intensified on Thursday, sending risk assets ranging from equities to commodity-driven currencies tumbling across the board. During local trade on Thursday, the rand lost 3.6% against the greenback, breaking above R17.00 yet again. On Friday the rand was at R17.13 to the dollar, R21.54 to the pound and R19.35 to the euro. Commentary by Peregrine Treasury Solutions. [XE]