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South Africa’s Tamaryn Green is first runner-up at Miss Universe pageant

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 Catriona Gray from the Philippines was crowned Miss Universe on Monday, the fourth time the Southeast Asian country has won the international beauty pageant.

Gray, a 24-year-old Filipino-Australian model, won the title in the Thai capital Bangkok where the pageant included for the first time a transgender contestant.

“My heart is filled with so much gratitude. There were moments of doubt where I felt overwhelmed and I felt the pressure,” said Gray, who wore a red and orange dress that was inspired by Mount Mayon, a volcano that erupted this year.

Miss South Africa, Tamaryn Green, 24 was the first runner-up, followed by Miss Venezuela, Sthefany Gutiérrez, 19.

Gray was asked during the contest about her views on legalizing marijuana and replied that she supported it for medical uses.

After she was crowned, Gray told reporters the question was “definitely relevant” and “an active topic”, in an apparent reference to the war on drugs in the Philippines that has killed thousands of Filipinos and caused international alarm.

Gray said during the pageant that working in a Manila slum had taught her to find beauty in difficult situations.

“If I could teach people to be grateful, we could have an amazing world where negativity could not grow and foster, and children would have a smile on their face,” she said.

Miss Spain, Angela Ponce, 27, made history as the first transgender contestant in the 66-year-old pageant.

Gray is the fourth Filipina to win Miss Universe and the second in three years. The pageant was shown live on the country’s biggest television network and dominated social media.

Salvador Panelo, spokesman for President Rodrigo Duterte, said her win would put the country on the world map for its “beauty and elegance.”

“In her success, Miss Philippines has shown to the world that women in our country have the ability to turn dreams into reality through passion, diligence, determination and hard work,” he said.

The Philippines previously won Miss Universe titles in 2015, 1973 and 1969. – Reuters

  • Patpicha Tanakasempipat and Neil Jerome Morales 

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Moody’s Downgrades South Africa To Junk

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Credit ratings agency Moody’s has downgraded South Africa to junk status on day 2 of the country’s nationwide lockdown.

President Cyril Ramaphosa’s economic reform plans have been slowed by the coronavirus pandemic. The downgrade adds salt to injury for South Africa as it currently struggles with a recession it slipped into in early March.

“The unprecedented deterioration in the global economic outlook caused by the rapid spread of the coronavirus outbreak will further exacerbate South Africa’s challenges” said Moody’s.

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What You Need To Know About AfDB’s $3 billion “Fight COVID-19” Social Bond

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Landmark transaction, largest Social bond transaction to date in capital markets

Abidjan, Côte d’Ivoire, 27 March 2020 – The African Development Bank (AAA) has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the Covid-19 pandemic will have on livelihoods and Africa’s economies.  

The Fight Covid-19 Social bond, with a three-year maturity, garnered interest from central banks and official institutions, bank treasuries, and asset managers including Socially Responsible Investors, with bids exceeding $4.6 billion. This is the largest Social Bond ever launched in international capital markets to date, and the largest US Dollar benchmark ever issued by the Bank. It will pay an interest rate of 0.75%.

The African Development Bank Group is moving to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its regional member countries and Africa’s private sector.

“These are critical times for Africa as it addresses the challenges resulting from the Coronavirus. The African Development Bank is taking bold measures to support African countries. This $3 billion Covid-19 bond issuance is the first part of our comprehensive response that will soon be announced. This is indeed the largest social bond transaction to date in capital markets. We are here for Africa, and we will provide significant rapid support for countries,” said Dr. Akinwumi Adesina, President of the African Development Bank Group.

The order book for this record-breaking bond highlights the scale of investor support, which the African Development Bank enjoys, said the arrangers.

“As the Covid-19 outbreak is dangerously threatening Africa, the African Development Bank lives up to its huge responsibilities and deploys funds to assist and prepare the African population, through the financing of access to health and to all other essential goods, services and infrastructure,” said Tanguy Claquin, Head of Sustainable Banking, Crédit Agricole CIB.

Coronavirus cases were slow to arrive in Africa, but the virus is spreading quickly and has infected nearly 3,000 people across 45 countries, placing strain on already fragile health systems. 

It is estimated that the continent will require many billions of dollars to cushion the impact of the disease as many countries scrambled contingency measures, including commercial lockdowns in desperate efforts to contain it. Globally, factories have been closed and workers sent home, disrupting supply chains, trade, travel, and driving many economies toward recession. 

Commenting on the landmark transaction, George Sager, Executive Director, SSA Syndicate, Goldman Sachs said: “In a time of unprecedented market volatility, the African Development Bank has been able to brave the capital markets in order to secure invaluable funding to help the efforts of the African

continent’s fight against Covid-19. Not only that, but in the process, delivering their largest ever USD benchmark. A truly remarkable outcome both in terms of its purpose but also in terms of a USD financing”.

The Bank established its Social Bond framework in 2017 and raised the equivalent of  $2 billion through issuances denominated in Euro and Norwegian krone. In 2018 the Bank was designated by financial markets, ‘Second most impressive social or sustainability bond issuer” at the Global Capital SRI Awards.

“We are thankful for the exceptional level of interest the Fight Covid-19 Social Bond has raised across the world, as the African Development Bank moves towards lessening the social and economic impact of the pandemic on a continent already severely constrained. Our Social bond program enables us to highlight our strong development mandate to the investor community, allowing them to play a part in improving the lives of the people of Africa. This was an exceptional outcome for an exceptional cause,” said Hassatou Diop N’Sele, Treasurer, African Development Bank.

Fight Covid-19 was allocated to central banks and official institutions (53%), bank treasuries (27%) and asset managers (20%). Final bond distribution statistics were as follows: Europe (37%), Americas (36%), Asia (17%) Africa (8%,) and Middle-East (1%).

Press Release by the African Development Bank

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Op-Ed: These Are The Six Stages Of Changes In Consumer Behaviour Led By The Coronavirus Pandemic

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With a possible call for a lockdown looming in South Africa, people are stockpiling for the worst case scenario. Although some may think it’s too early to be taking such panic-driven action, it seems this behaviour is perfectly aligned with global consumer behaviour trends caused by the different stages of the Coronavirus outbreak.

A recent Nielson’s report highlights that there are key consumer behavioural changes that occur parallel to each stage of the virus’s evolution. Nielson identifies that these consumer changes are being mirrored by every country that is currently trying to flatten the curve. Nielson identified the following stages together with changes in consumer behaviour at each stage:

Stage Coronavirus Event Markers Consumer Behaviour Change
Stage 1 Health-minded Buying Minimal localised cases of Covid-19 generally linked to arrival from another country. Consumer’s interest rises in products that support overall maintenance of health and wellness. 
Stage 2 Reactive Health Management First local transmission with no link to other location and first Covid-19 related death/s.  Prioritise products essential to virus containment, health and public safety. E.g., face masks
Stage 3 Pantry Preparation Multiple cases of local transmission and multiple deaths linked to Covid-19 Pantry stockpiling and shelf-stable foods and a broader assortment of health-safety products; spike in-store visits; growing basket sizes. 
Stage 4  Quarantined Living Preparation Localised Covid-19 emergency actions, percentage of people diagnosed positive continues to increase. Increased online shopping, a decline in-store visits, rising out-of-stocks, strains on the supply chain.
Stage 5 Restricted Living Mass cases of Covid-19. Communities ordered a lockdown. Severely restricted shopping trips, online fulfilment is limited, price concerns rise as limited stock availability impacts pricing in some cases. 
Stage 6 Living a New Normal Covid-19 quarantines lift beyond region/country’s most-affected hotspots and life starts to return to normal.  People return to daily routines (work, school, etc.) but operate with a renewed cautiousness about health. Permanent shifts in the supply chain, the use of e-commerce and hygiene practices. 

(table source)

Although South Africa has yet to have any deaths, our own consumer behaviour is following this trend almost exactly. Derek Cikes, COO of online payment solution Payflex has been following the effects of Coronavirus on retail closely since the outbreak and says that South Africa is somewhere between stages 4 (Quarantined Living Preparation) and 5 (Restricted Living).

“We’ve seen a significant increase in online shopping both in our own data and at our merchants. South Africans are looking to online stores to keep goods flowing while we all prepare for a possible lockdown. But we’re also seeing the limitations and strain put on online retail because of this surge in users,” says Cikes. 

In line with Nielson’s stage 5 attributes, South Africa is clearly seeing the strain put on online grocers and their supply chain due to the demand of social distancing and self-quarantine. Checkers launched their app sixty60 to major SA cities promising to deliver your groceries within 60 minutes only to have to adjust that promise due to increased demand for the home deliveries. Pick ‘n Pay’s online store is also showing signs of a supply chain disruption as a large percentage of goods are unavailable or sold out. 

In order to ease the strain on the supply chain caused by panic buying, both Checkers and Pick ‘n Pay have implemented rationing, meaning that consumers are only allowed a certain number of each product per purchase. This action hopes to ensure that all South Africans are able to get what they need for the weeks ahead. Other online grocery apps such as OneCart are seeing an unprecedented increase in users. For example, OneCart is usually able to deliver groceries within an hour, but because of increased demand, now have a 2 to 3 day delivery time.

In its Situational Threat Report Index, Bain & Company states that the concept of the shopping journey in physical stores is taking on a new meaning and importance, given the potential for transmitting the virus at each interaction. 

According to Bain & Company’s index, the world is currently sitting at a level 6 global threat which is called Markets and Public in Multiple Major Nations Reacting Strongly. The index combines official data with Bain’s own modelling. It evaluates Coronovirus’s effect on global business, grading it from 0 (a negligible threat) to 10 (severe global recessionary conditions). 

South Africa is no different, with stores and businesses scrambling to find innovative solutions to keep customers safe and secure. For example, a Spar franchise in the north eastern suburbs of Johannesburg recently put up perspex glass panes at each till to create a physical divide between shopper and cashier while delivery services such as Woolworths allow the drivers to drop the goods in a safe area outside the house without coming into contact with customers. Uber Eats and Mr D have implemented similar regulations.

Bain & Company also note that in most segments, the outbreak will probably reduce traffic and revenue. They say that retailers of all types must be prepared to act quickly to mitigate the impact of such turbulence, while also learning from the experience of their counterparts in China and other hard-hit countries. And even as they strain every sinew to address short-term disruption, retail executives also need to begin medium-term planning for an eventual recovery.

Falling in line with Nielson’s stage 6 “A New Normal”, Cikes believes that there will be a permanent change in the way South Africans use e-commerce. 

“If there was anyone who was reluctant to use online shopping as a viable way to get both necessities and luxury goods, Coronavirus is sure to change this. It’s forcing people to get online and this may change the way South Africans shop forever. This will also push retail to think about bringing their own stores online if they haven’t already,” says Cikes.

Content provided by Nielson

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