Covid-19 Business Watch
WATCH: Unpacking the powder keg
Michael Avery and his expert guests weigh in on the civil unrest in SA and its impact on the economy and society
Riots and looting continued for a fifth day as the government struggles to regain control of a situation that was sparked by the jailing of former president Jacob Zuma, but seems to have taken a more broad-based social and civil unrest tone, riddled with opportunism. Sadly, the situation looks like it could get worse, with food and fuel shortages predicted.
Banks and retailers tumbled on the JSE and the rand extended losses as the ongoing violence dampens sentiment, with a number of businesses suffering serious damage and others destroyed. According to the SA Property Owners Association, more than 200 malls have been looted and/or destroyed so far, with at least 600 stores burned or damaged.
The JSE’s banking index plunged 4.45% on Tuesday, its worst one-day loss since December 2020 when the country was put into another strict lockdown during the height of the second wave of Covid-19. Has the state lost control, what are the drivers of the unrest, and what does this mean for the future and for investors?
Michael Avery is joined by Dr Miriam Altman, director of Altman Advisory and National Planning Commissioner; William Gumede, professor at the Wits School of Governance and chair of Democracy Works Foundation; Martin Kingston, chair of the steering committee of Business for SA; and Frans Cronje, director at the Centre for Risk Analysis to sift through the detritus of the past few days.
Michael Avery & expert guests weigh-in on the socio-economic and civil unrest taking place in SA
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