Today’s business update – and what govt will pay employees in closed, distressed companies during lockdown
From Business Insider South Africa:
1. South Africa entered a shut-down at midnight, with several people already arrested for allegedly disregarding lockdown rules. Read more.
2. Get ready for the Moody's blues: South Africa will probably be downgraded to junk before the end of today. But the impact on the rand and bond yields may be muted as the fiscal position of many other countries has also deteriorated since the start of the coronavirus crisis. The rand was last stronger at R17.17/$.
3. Edcon - owner of Edgars and Jet - may not survive the lockdown, its CEO Grant Pattison warned yesterday. The company has seen its sales halve in recent weeks, and it is now R400m below forecasted sales and cash for the month. Read more.
4. As the US overtakes China with the most coronavirus cases (82 400), the country has reported a record number of unemployment claims (3.3 million) in a week. Still, Wall Street boomed for the third consecutive day. The US House of Representatives is expected to approve a $2.2 trillion stimulus plan today.
5. According to new government regulations, 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. Read more.
Graph of the day
Wall Street has just seen its biggest three-day gain since 1933:
Utterly useless fact of the day
Egyptian authorities have ordered its pyramids be disinfected to stop the coronavirus from spreading. Read more.
Tweets of the day
Day One: Feeling a bit like I am in a JM Coetzee novel— MarianneThamm (@MarianneThamm) March 27, 2020
Panic! At the Dischem— HUS BINT™ (@byjono) March 26, 2020
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Also from Business Insider South Africa:
- Coronavirus mutates slowly, so vaccine could be long-lasting
- This chart shows how quickly New York City became the US's Covid-19 epicentre
- FEEL GOOD: Pick n Pay surprised their 'elderly hour' shoppers with free bouquets of flowers
- Asian countries risk new waves of coronavirus infections when they lift lockdowns
- Photos show how the coronavirus turned India from bustling to deserted