Free visits to a virtual doctor but banks get pessimistic diagnosis

HEALTH insurance provider Discovery and telecoms giant Vodacom have teamed up to offer free, virtual consultations with doctors to help diagnose and treat those with coronavirus symptoms. Costs will be paid by the two companies. Data used during the consultation, if people use Vodacom’s network to do so, will also be free.

SMALL business development minister Khumbudzo Ntshavheni outlined a proposed package to support spaza shops during the lockdown, including assistance in network purchasing or bulk buying and seed capital. Her department is spearheading the R500m government assistance plan for small businesses.

SA recorded its biggest trade surplus in 14 months in February as exports to Europe surged. The trade balance swung to a surplus of R14.15bn from a revised deficit of R2.72bn in January, the South African Revenue Service said.

SA’S five largest banks were downgraded further into junk status by Fitch Ratings, which expects SA to be particularly affected by the Covid-19 outbreak. Standard Bank, Absa, Investec, FirstRand and Nedbank saw their ratings lowered to BB, two rungs below investment grade and one below SA’s BB+ rating. Moody’s Investors Service also downgraded the long-term local and foreign currency deposit ratings of the banks to Ba1 from Baa3, with a negative outlook.

SENTIMENT in the manufacturing industry had the worst quarter in 11 years and is expected to deteriorate even further. While Absa’s PMI, compiled by the BER, rose to 48.1 in March from 44.3 in February, the average for the quarter was 45.9, the worst since 2009.

ESKOM told operators of some independent wind-power plants that it would not need their power at certain times due to lower demand amid the shutdown.