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Friday, June 5th, 2020

SA Covid-19 cases nearing 20k, Groote Schuur in crisis, actuaries slam virus data; interest rate cut; Tsogo Sun

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by May 21, 2020 Financial News

BizNews — In today’s news headlines:* Big jump in Covid-19 cases in South Africa, with the Ministry of Health reporting a total number of 19,137 cases and the death toll reaching 369;* GroundUp news agency reports that the number of Covid-19 patients at Groote Schuur Hospital, Cape Town is doubling every five days, and the hospital will not be able to cope unless something is done;* A South African group established to look at the human and economic costs of Covid-19 in South Africa has slammed Covid-19 forecasts and asks whether low- and middle-income countries really at significant risk to coronavirus – particularly SA where deaths, they say, will most likely not exceed 10,000 people;* The South African Reserve Bank cut its benchmark interest rate for the fourth time in four months in a bid to support an economy forecast to slump deeper into recession as a nationwide lockdown to curb the spread of the coronavirus halted most activity, reports Bloomberg; and* Tsogo Sun Hotels, one of many tourism companies to be hit hard by the impact of the coronavirus, said on Thursday it could face a fall of up to 10% in full-year core earnings. Its share price has plunged by about 65% this year in response to Covid-19 shutdowns. …

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Author: BizNews The Daily Insider

This article was originally posted on BizNews.

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