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Facebook Bans Ads Promising A Cure To The Coronavirus

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Topline: Facebook will begin taking down any ads that promise a cure for the coronavirus, as the platform battles the rapid spread of conspiracy theories and fake cures—including drinking bleach to cure the disease—that have erupted in panic and confusion over the epidemic on social media.

  • A Facebook spokesperson told Forbes it will remove ads for products “that refer to the coronavirus and create a sense of urgency, like implying a limited supply, or guaranteeing a cure or prevention.”
  • The spokesperson added that, for example, “ads with claims like face masks that are 100% guaranteed to prevent the spread of the virus will not be allowed.”
  • Health experts warn the spread of misinformation, fake cures and conspiracy theories about coronavirus can actively cause harm and undermine trust in government institutions. “We need a vaccine against misinformation,” said Mike Ryan, head of the WHO health emergencies program, in a meeting this month.
  •  A number of false cures have spread on Facebook in the past few months, including one claiming that drinking bleach can cure the virus, according to FactCheck.org.
  • Facebook already said in January it will outright remove posts flagged by global health organizations and local health authorities with potentially harmful false cures or prevention methods for the coronavirus.
  • But the company also said last month it won’t remove other false claims about the virus, opting instead to fact-check, demote them in the news feed and point users to reliable information from the World Health Organization.

Key background: Facebook has struggled to contain disinformation since the 2016 election and has faced criticism for not removing ads from politicians that contain lies. But misleading or untrue medical claims have been a particularly thorny issue for the platform. Facebook banned misleading ads about vaccines last year, but private Facebook groups have become hotbeds of medical misinformation, and some ads expressing skepticism about vaccines haven’t been taken down. CEO Mark Zuckerberg has repeatedly said that Facebook shouldn’t be an arbiter of truth, and company policy is to be usually reluctant to remove posts and ads at all. 

News peg: More than 81,000 people globally have been infected with the virus as of Wednesday, and more 2,700 have died. The World Health Organization hasn’t declared the virus a pandemic, but Europe, the Middle East and the U.S. are preparing for an outbreak as cases outside China continue to surge. 

Rachel Sandler, Forbes Staff , Breaking News

Economy

5 Tips For SMEs To Counter The Covid-19 Crisis

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It was recently reported by ratings agency S&P Global that the coronavirus outbreak has plunged the world into a recession. On the home front, a sudden surge in COVID-19 cases in the country resulted in the President of South Africa imposing a 21-day country-wide lockdown, starting from Thursday, 26 March 2020. Combine this with the fact that the country also recently announced to be in its third recession since 1994 it’s safe to say that many businesses are beginning to feel the effects of the pandemic.

The impact of the coronavirus on small businesses is likely to be substantial, especially for local businesses who are already feeling the pinch, as financial and market uncertainty can easily translate into an emotional crisis that can overwhelm our systems. However, help is on the way as the Department of Small Business Development announced that a Debt Relief Fund has been set up to assist small, medium and micro enterprises impacted by COVID-19.

While this relief is welcomed, it is still vital for leaders to step up. The world has been through crises before, but during these significantly difficult times, the economic impact may be as severe or possibly worse. As such, those in leadership positions must use past crises as examples and apply what was learnt to keep the country on course and minimise the impact of the pandemic.

Karl Westvig, CEO at Retail Capital, has pinpointed the visible areas that are affected and outlined a few pointers to help small business owners weather the storm.

Liquidity

The first victim of panic is liquidity – banks, asset managers and funders stop lending. When they cannot calculate the potential risk, they will not lend.  Therefore, it is critical to shore up cash by drawing down on available facilities and suspending any unnecessary investments. Reduce expenses and manage cash flow daily.

Get Your Best Team on It

When a business is growing, we tend to shift our best people into roles linked to growth and new initiatives. In a crisis, these people need to move into the highest priority roles. These roles would include collecting from customers, raising facilities or engaging key clients.

Morale and Communication

People need leadership. This would include authentic and regular communication about the situation, what the business requires and how this will be achieved. You can’t control the circumstances, but you can control the response and actions. This will create more certainty.

Hands-on

Events evolve quickly and every day is critical. Leaders must be hands-on. They have to be in touch with customers, suppliers, funders and staff. They have to collect data on everything – the mood, the financial metrics, even customer stories. Some of the best information is anecdotal, not just big data.

Policies

It’s tough to lead when you don’t understand all the underlying levers. These can change in a crisis. What worked in a stable environment can go out of the window in an instant. The best approach is to start again, listen to customers and then adapt your policies within your framework.

“This is not a manual on how to handle the current crisis, but hopefully, the points mentioned above can add to what you are already doing. In simple terms, it is easy to be overwhelmed, so tackle a few things very quickly and with commitment. This will create certainty and lead to action. The alternative is paralysis,” concludes Westvig.

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Billionaires

Motsepe Family & Associates Join Rupert And Oppenheimer Families In Donating R1 billion To Deal With COVID-19 Pandemic

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On Monday South Africa’s President, Cyril Ramaphosa revealed that South Africa’s richest families the Rupert and Oppenheimer families had each contributed R1 billion to assist small businesses and their employees affected by the coronavirus pandemic. Today the Motsepe family has contributed R1 billion ($57mn). See full statement below.

The Motsepe Family in partnership with companies and organisations that they are associated with, have pledged R1 billion to assist with the current Coronavirus (COVID-19) pandemic and its related challenges that are confronting South Africa and the African Continent.

These companies and organisations are:
 Motsepe Foundation
 Sanlam
 African Rainbow Capital (ARC)
 African Rainbow Minerals (ARM)  and others

The Founder and Chairman of the Motsepe Foundation, Dr Patrice Motsepe said: “Several hundred million rands will immediately be made available with the primary objective of saving lives and slowing and restraining the spread of the Coronavirus. We are purchasing sanitisers, disinfectants, Personal Protective Equipment (PPE) and are in discussions with Government, health workers and other stakeholders to assist with acquiring other equipment and making resources available which are essential for dealing with the Coronavirus pandemic. We’ve been advised that access to water for regularly washing hands is crucial for slowing and limiting the spread of the Coronavirus. We are therefore providing water to poor rural and urban communities by purchasing water tanks (jojos), drilling and equipping for borehole water and also building sanitary facilities. The current lockdown has an impact on the goods, equipment and services that can be purchased immediately and the goods and services which can be provided when the lockdown has been terminated. Our short to medium term interventions include building additional classrooms, computer centers and laboratories in all the 9 provinces of South Africa to assist with the excessively high number of students per classroom in some schools; particularly in the context of the current Coronavirus pandemic and the social distancing requirements.

Those schools in the poor rural and urban areas which do not have internet access or facilities will be assisted with study guides, scientific calculators, dictionaries and other educational equipment and facilities identified in consultation with the Department of Basic Education, school principals and teachers. Poor and underdeveloped communities are ill-prepared to deal with the serious challenges and consequences of the Coronavirus pandemic and are in dire need of our assistance and contributions. We are committed to contribute to the provision of quality education, infrastructure and other facilities to better prepare and equip them to deal with future pandemics or catastrophes.”

We will be working in partnership with:
 traditional leaders, kings, queens and their communities that we have been working with for the past 20 years;
 the 34 Religious and Faith-Based organisations that participate in the annual Motsepe Foundation National Day of Prayer;
 National, Provincial and Local Government authorities;
 Trade Union and other Worker Representative organisations;
 NGOs and other local community representative organisations;
 sport organisations and entities;
 local, provincial and national business and professional organisations;
 black and white farmers and their representative organisations; and
 other organisations or structures that can assist or partner with us in dealing with the current Coronavirus pandemic.

The CEO of Sanlam Ian Kirk said: “Sanlam has a rich history of always putting our people, our clients and our country first; hence our mantra of ‘Doing well, by doing Good’. Today, we’re proud of the partnership with the Motsepe Family and its associated companies. We believe these efforts will make a meaningful contribution not only towards fighting the Coronavirus, but also in developing the long-term sustainability of South Africans, particularly in poor and rural areas. Periods of profound uncertainty like these call for us to come together to support all the prudent actions that contain the scourge of this virus and its impact on our already fragile economy.”

The CEO of ARC Dr Johan van Zyl said: “As a nation we are in unchartered waters in terms of the scale and danger that the COVID19 pandemic presents to South Africans. It is now time for each and everyone of us to demonstrate leadership and help. ARC is a fairly young company with limited financial resources. Yet, it remains important that we make a contribution. In this regard we are partnering with companies and organisations with which we have common interests and share common values to ensure that the positive impact we aim to make is felt.” We have been in contact with various Ministers and MECs and will also be in contact with the Government’s Coronavirus Solidarity Fund to identify specific initiatives and projects where we can partner and work together. There may be upliftment and developmental undertakings where they are better positioned than we are, in which case we may fund or donate with them on a particular project or partnership.

We want to thank Government for their leadership and cooperation including health workers, police, soldiers, as well as Religious and Faith-Based organisations, traditional leaders, trade union and other worker representative organisations, NGOs and other rural and urban organisations. We also want to thank business and in particular the Rupert and Oppenheimer families, the employees, boards and stakeholders of the companies that the Motsepe Family is associated with, for their assistance and contributions in dealing with the current Coronavirus pandemic.

South Africans have a history of uniting and working together when confronted with major and enormous challenges. We are confident that South Africa will in the medium to long term overcome the life-threatening and economic challenges caused by the Coronavirus pandemic and continue to build a bright and inclusive future for the people of South Africa and the African continent.

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Current Affairs

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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