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Industry News

19 Jul 2021

A looting shock to SA’s economic recovery

The domestic GDP recovery from the 2020 crash was dealt another hefty blow last week, the BER says in its weekly note. "It was a week in which socio-economic and political tensions finally boiled over. Protests that started with the arson of about 35 trucks on the N3 and other national roads after former President Jacob Zuma was taken into custody the week before, erupted into widespread violence, looting and destruction of property and infrastructure in KwaZuluNatal (KZN) and Gauteng."

16 Jul 2021

Ministers meet SA CEOs to discuss looting crisis

On Thursday, 15 July, Government Ministers representing the Presidency and Departments of Public Enterprises, Trade, Industry and Competition, Agriculture, Land Reform and Rural Development, Small Business Development, Justice and Correctional Services, and Tourism met with 34 CEOs of South Africa’s largest companies and multinationals to discuss the crisis of sabotage, lawlessness and looting in KwaZulu-Natal and Gauteng.

16 Jul 2021

SA riots – does force majeure apply?

Businesses experiencing disruption from the recent events in South Africa may be able to invoke force majeure clauses in contracts, or the law of supervening impossibility, depending on the circumstances.
16 Jul 2021

Take 100% of surplus assets offshore, says Stonehage Fleming

Investors always ask how much of their portfolios should be invested offshore. After many years of analysing this question from different angles, Stonehage Fleming Investment Management in South Africa suggests that all surplus assets should be invested offshore.
15 Jul 2021

BUSA wants 24-hour curfew

Business Unity South Africa (BUSA) is calling for implementation of 24-hour curfew, as well as the full deployment of army and police, including reserve forces. At a webinar today, BUSA said that the violence and damage to property that has overwhelmed parts of the country must be stopped immediately.

15 Jul 2021

Santam saddened by unrest, loss of life

Short-term insurer, Santam, says it is saddened and concerned about the unrest that has broken out in the country over the last few days. "We are particularly saddened by the loss of life.," the insurer says. "We are also concerned about the destruction of property and its impact on livelihoods.

15 Jul 2021

SA riots show link between political and fiscal risk

Fitch Ratings believes that the direct economic impact of riots in South Africa following the arrest of former president Jacob Zuma will be limited for the sovereign’s creditworthiness. However, the violence highlights tail risks to social and political stability and could affect fiscal policy, including public-sector wage negotiations, complicating efforts to stabilise the level of government debt/GDP.
15 Jul 2021

Insurers express confidence in ability to assist insured looted businesses

The South African Insurance Association (SAIA) calls on all policy holders who have suffered losses or damage to property and or business operations which has been estimated to be in the billions to reach out to their respective insurance companies or brokers/financial intermediaries for assistance.
15 Jul 2021

Business interruption insurance: what all businesses can learn from the riots

The latest riots and looting in South Africa have been utterly devastating for local businesses. When the dust eventually settles, the reality is that many businesses are going to have a tough time bouncing back from the destruction. Those that are able to pick up the pieces will be the ones that have business interruption insurance in place.
14 Jul 2021

Nedbank warns of impact of riots on SA’s health and economic recovery

Nedbank today called on organised labour, civil society, political parties, business and religious organisations to unite in condemning the violent lawlessness and criminality that has engulfed parts of the country over the past few days. Nedbank CE Mike Brown said this comes at a time where SA can least afford it and called for urgent, broad-based leadership and decisive action to restore law and order.

Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za