Tag: COVID-19

The oil and gas industry are no stranger to supply and demand shocks, having faced more than a dozen such blows over the course of the past four decades. Most of the supply side blows were the result of sudden supply pullbacks in reaction to geopolitical unrest.

Amid the economic downturns, market retreats and liquidations of COVID-19, start-ups have been one of the worst affected. A pronounced lack of funding and sales has left them cash-strapped and consumer hungry, with roughly 74% of these young businesses experiencing revenue decline since the beginning of the crisis.

The Western Cape High Court decision to compel insurance company Guardrisk to honour the COVID-19 business interruption insurance claims of Cafe Chameleon, a Cape restaurant, is to be applauded.

The idea of a digital state where different areas of government digitise data and collaborate to provide services for its citizens has been a long stated ambition for the South African government, as part of its push to embrace the 4th industrial revolution - but now it’s more important than ever.

In his Adjustment Budget Speech Minister of Finance Tito Mboweni told us what we already knew. Debt is up and we need to borrow even more, spending will increase, government revenue will be less than expected, the deficit will increase, the economy is expected to contract, and unemployment is higher than usual.

After much anticipation and a period of almost seven years it has been officially announced that the core sections of the Protection of Personal Information Act (POPIA) commenced on 1 July 2020 and on 30 June 2021. These core sections took effect on 1 July 2020 and organisations will be allowed twelve months to 30 June 2021 to become compliant with the Act.

The negative effects of South Africa's hard lockdown continue to reverberate through the economy and broader society. The latest flashpoint has been in the taxi industry, specifically in Gauteng, where the South African National Taxi Council (SANTANCO) started the week of 29 June by indicating their taxis will operate at 100% capacity – in open defiance of lockdown regulations.

If there’s any situation that’s going to show your true colours, it’s a crisis. Sticking to your values during a crisis is vital. It is important to navigate your way through the COVID-19 crisis, successfully and with integrity. As part of SAICA's new Leadership in a Time of Crisis series, I highlighted the importance of leading ethically during these difficult times. 

Collections teams are now responsible for more customers than ever - are they ready? The recent announcement from the UK’s Financial Conduct Authority concerning its expectations about what to do next with customers who have been affected by COVID-19 - whether they have taken a payment holiday or not - underlines the importance of customer communications.

Ideas that begin as lockdown coping strategies can also revolutionise your business. As any South African business person will tell you, the COVID-19 pandemic has been a stressful time to be running a company. However, as we have worked to mitigate the effects of COVID-19, we have also gained a glimpse of what the future of business might look like. It is an exciting prospect.