COVID-19 Tourism Relief Fund now open
The Tourism Relief Fund provides once-off capped grant assistance to Small Micro and Medium Sized Enterprises (SMMEs) in the tourism value chain to ensure their sustainability during and post the implementation of government measures to curb the spread of Covid-19 in South Africa.
Capped at R50 000 per entity, grant funding can be utilised to subsidise expenses towards fixed costs, operational costs, supplies and other pressure cost items.
Guided by the Tourism Broad Based Black Economic Empowerment (B-BBEE) Codes of Good Practices approved by the Minister of Trade and Industries in 2015 (in line with the BBBEE Act No.53 of 2003), the Tourism Relief Fund is administered in line with the objectives of Economic Transformation, and ou…
Private WebPages need to display Link to COVID-19 Site
Every website with a domain name that ends in .za – from government portals to private blogs – must now link to the government’s main Covid-19 page on its front page.
And while the novel coronavirus state of disaster is in place, you can’t change cellphone network providers without losing your phone number.
That is apparently to hinder scammers while the country focuses on fighting the disease.
As of Thursday, every website with a domain name that ends in .za – including every company website that uses the .co.za suffix, every organisation in .org.za, and every academic institution in .ac.za – must link to the South African government’s Covid-19 portal at sacoronavirus.co.za.
That link must be “visible”, and must be on the fron…
Moody's downgrades Economy to "Junk" as well
The decision by Moody’s to cut South Africa’s credit rating to junk could “not have come at a worse time” for South Africa, National Treasury has said, as the country enters a 21-day lockdown period in an effort to slow the spread of the coronavirus.
In its rating action on Friday evening Moody’s cited a deterioration in SA’s fiscal strength and “structurally very weak growth” for its decision to lower the country’s rating to Ba1 from Baa3. The outlook remains negative. It now estimates that SA’s debt burden will reach 91% of GDP in the 2023 fiscal year.
Ahead of Friday evening’s decision, Moody’s was the sole major rating agency to not already have cut SA’s credit rating to junk. Fitch and S&P both downgraded SA to sub investmen…
COVID-19 LOCKDOWN - Regulations, Directives and Notices
All Lockdown Rules, Regulations and Notices are based on the President’s Address of the Nation on the Coronavirus on 23 March 2020. The best way to draw a picture of all one can or cannot do and what is open and what is closed is to sort by Alphabetical Keywords what has been said, governed or ruled for the Lockdown Period.
Lockdown in this context shall mean:
Every person is confined to his or her place of residence, unless strictly for the purpose of performing an Essential Service (Annexure B.B COGTA Notice) or Critical Service (List of Critical Services), obtaining an Essential Good (Annexure B.A COGTA Notice) or service, collecting a social grant, or seeking emergency, lifesaving, or chronic medical attention.
eBRIEF Special Edition on Covid-19 Lockdown Regulations
The 52st Edition of the Into SA eBRIEF deals with Facts and Regulations around the Presidential National Lockdown due to the COVID-19 Pandemic.
Read it here: http://eepurl.com/gXJdjX
And don’t forget to subscribe at the bottom right of our home page.
Stay safe and make the best out of these 21 Days!!
SARB decides on Interest Rate Cut of 100 Points
The Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) decided to ease the level of the local Repo Rate and dropped it by 100 Basis Points. It is therefore from today 5.25%, translating to a prime lending rate of 8.75%, which brought the country’s prime lending rate to levels last seen around 2013.
It was a bold move by the South African Reserve Bank, and shows that SARB realises the devastating impact that the coronavirus will have on the economy. It was reported that the decision was unanimous, and it hoped it would go some way in easing financial pressure on households and firms, improving resilience.
The last time the interest rate was cut by a full percentage point in one meeting was in 2009, during the …
Rand in free Fall showing no Resilience
The South African Rand was unable to capitalise on a broad-based US Dollar sell-off last week, ending the five daily sessions flat on aggregate after losses towards the end of the week unwound Monday and Tuesday’s gains.
Since then, however, the local unit has come under immense selling pressure this morning, breaking above the 16.00/US$ and almost breaking through the 19.00/EUR barrier for the first time since early 2016 amid global financial market chaos. Equities and other high-risk assets across the world have plummeted this morning as panic selling set in, with traders showing grave concern over the potential economic impact of the COVID-19 virus epidemic while simultaneously digesting a free-fall in oil prices after Saudi Arab…
Moody's reduces Growth Forecast
Rating agency Moody’s has cut South Africa’s growth forecast from 0.7% to 0.4% for 2020, on the back of the global coronavirus outbreak.
“The global spread of the coronavirus is resulting in simultaneous supply and demand shocks,” Moody’s said in a global research report.
This, in turn, will impact South Africa’s growth prospects, it said.
Other economists have forecast similar drops on the back of the virus – particularly due to the impact of the virus on China, where it first broke out.
China is South Africa’s biggest trade partner, and its expected growth of 6% for the year has been forecast to be as low as 4.8% because of the virus’ impact on trade and manufacturing in the market.
According to PwC, for every percent Ch…
Internet Access about to be fully restored
Rejoice! The cable breaks along the west coast of Africa which left South Africans with slow internet connectivity should hopefully be repaired by today.
Initial repair delays
The issue has been ongoing since January, and repairs were initially halted due to weather conditions preventing the repair vessel from setting sail.
On 21 January, REN Alerts confirmed that the vessel was still docked, but would be able to depart the following day. While that sounded wonderful, the vessel would still take a week to reach its destination, and another week for repairs to be carried out.
Since then, SA’s main internet providers were forced to purchase additional international bandwidth to keep us connected to the rest of the world. It’s a…
Interest Rates drop by 0.25%
In its first meeting in 2020, the Monetary Policy Committee of the South African Reserve Bank has unanimously decided to cut the Repo Rate by 0.25% from 6.50% down to 6.25%. This translates into the prime lending rate of South Africa finally dropping out of the two-digit realm and being now 9.75%
This is a welcome break for all home loan debtors in these challenging times.