Business & Finance
City Press

City Press


City Press is a Sunday newspaper founded in 1982 in Johannesburg, South Africa. It is an agenda setting publication, which specialises in politics, investigations, football, and leading opinion and business pages.

South Africa
Media 24 Ltd
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52 Issues

In this issue

6 min.
lockdown, ratings downgrade; we are battered covid-19 statistics in sa

The ailing South African economy, which is already in recession, has taken a double hit with the lockdown imposed due to the Covid-19 coronavirus outbreak and Friday night’s downgrading to “junk” status by Moody’s Investor Service ratings agency. Moody’s piled on the misery as the country went into a 21-day lockdown to stop the spread of the virus. The lockdown, announced by President Cyril Ramaphosa earlier in the week, is set to shave billions from South Africa’s gross domestic product (GDP) and send the economy deeper into recession. Some economists are predicting that the economy could shrink by 4% to 5% this year, a big leap from the 0.2% projected by the SA Reserve Bank before the impact of Covid-19 became a reality. The crisis caused by the pandemic is set…

7 min.
workers were left out of covid-19 planning

Unions representing the police, prison officials and traffic officers have criticised government for not providing them with adequate protection against Covid-19 coronavirus infections as they go about their duties during the national lockdown. Workers’ representatives have also complained that trade unions were not consulted before the lockdown was imposed, whereas business representatives were. In response, Minister of Public Service and Administration Senzo Mchunu told City Press that the Covid-19 pandemic was an emergency and there was simply not enough time to consult. But unions representing workers classified in the essential services category said that the government’s decision to exclude them from the consultation process had led to much confusion among members and had resulted in many loose ends. This week saw “long meetings” between the workers’ unions and employers “to make sure that…

1 min.
is there a story that needs to be heard?

Let us know. Send an email to tipoff@citypress.co.za SUBSCRIBE TO CITY PRESS IF YOU HAVE ANY PROBLEMS AROUND THE HOME DELIVERY OF YOUR NEWSPAPER OR WANT TO SUBSCRIBE, THE DETAILS BELOW WILL HELP CONTACT CENTRE NUMBER: 0861 248 977 087 353 1300 EMAIL ADDRESS: subscribers@citypress.co.za NEW SUBSCRIBERS SMS LINE: SMS “SUBS” to 32368 SUBSCRIPTIONS WHATSAPP NUMBER 087 353 1333 Subscribe (retailers) • On The Dot Retail contact number: 0861 888 989 • On the Dot retail email address: assistance@onthedot.co.za PRESS COUNCIL City Press subscribes to the Code of Ethics and Conduct for South African Print and Online Media that prescribes news that is truthful, accurate, fair and balanced. If we don’t live up to the Code, please contact the Public Advocate at 011 484 3612, fax: 011 484 3619. You can also contact our Case Officer on khanyim@ombudsman.org.za or lodge a complaint on our…

4 min.
lockdown, downgrade; we are battered

From page 1 “At the moment, we have a lethal combination: lack of access to capital and energy shortages. These are key tools needed to get any project off the ground. Any investor looks at these before making a decision to invest,” he said. Lumkile Mondi, an economist and nonexecutive director of the Small Business Institute, said the downgrade meant South Africa would now be excluded from the FTSE World Governing Bond Index (WGBI), and the government bond market would experience further capital outflows as fund managers with investment grade mandates would be forced to sell South African government bonds. Nonresidents hold about 37% (R800 billion) of the total domestic government bonds, and the number is expected to substantially decline with the combined impact of Covid-19 and the downgrade. This will result…

2 min.
‘cameras to see if wife was bulimic’

A businessperson from Pretoria East said he installed web cameras in his bathroom because he suspected that his wife suffered from the eating disorder bulimia. But his wife said there was no excuse for his behaviour – and claimed that he also sabotaged her car by pouring water into the fuel tank, resulting in the car breaking down 400m from their home. The couple, who cannot be identified for legal reasons, is involved in a bitter legal dispute over where their child, a toddler, should live. The mother said she and her husband had been separated for some time, but that they still shared a home when he had secretly had the cameras installed. She was particularly distressed about the camera, which, she claimed, was installed in a shower she used for herself and…

2 min.
samro lifeline gets stranded muso home

Within 30 minutes of making a desperate, last-ditch call to the offices of the Southern African Music Rights Organisation (Samro) in Johannesburg this week, an email with documents landed in musician Albert Meintjes’ inbox. Less than 24 hours later, a financial lifeline was in his bank account. He could go home. Meintjes, who lives in Groot Brak on the Cape south coast, was touring with his show, Koos du Plessis: Stories behind the man and in his music, in the north of the country, when the corona clock ran out. He completed three of his scheduled 14 shows but, within days, the others were cancelled – one by one. “I performed in Hoedspruit and then Middelburg, but when I arrived in Pretoria the shows began going belly-up. The next thing I knew I…