The postponed Tokyo 2020 Olympics will open on July 23, 2021, organisers said Monday, announcing the new date after the Games were delayed because of the coronavirus pandemic.

The decision comes less than a week after organisers were forced to delay the Games under heavy pressure from athletes and sports federations as the global outbreak took hold.

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European stock markets opened broadly lower on Monday and the price of oil dropped sharply, as investors continued to focus on the novel coronavirus pandemic.

The FTSE 100 (^FTSE) was down 1.5% after around two hours of trade in London. The German DAX (^GDAXI) was down 0.5% at the same time and the CAC 40 (^FCHI) in Paris was 1.5% lower.

The slide for the FTSE 100 came as UK authorities warned over the weekend that restrictions on daily life in Britain could last up to six months.

A fall in oil prices also hit the London index. Crude oil (CL=F) was trading 4.7% lower at $20.48 per barrel on Monday morning. Brent (BZ=F) fell by 6.5% to $23.31, having touched an 17-year-low earlier in the session.

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South Africa’s currency plunged to an all-time low on Monday, falling below 18 rand to a dollar after Moody’s cut the country’s last investment grade credit rating.

At 0600 GMT, the rand was 1.42% weaker at 17 rand, 91 cents a dollar, pulling back slightly from the all-time low of 18 rand it crashed to in Asian trading.

Bonds were also weaker, with yield on the benchmark government bonds due in 2026 rising 72.5 basis points to 11.215 percent.

Moody’s downgraded South Africa's rating one notch to ‘Ba1’ from ‘Baa3’ and maintained a negative outlook. This meant another downgrade could follow if the economy performs worse or government debt rises faster than expected.

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A suicide bomber has seriously wounded a senior official in the autonomous Somali region of Puntland. Reports say the governor of Nugal province, Abdisalan Hassan Hirsi, and a former regional police commissioner, Farah Galangole, were attacked by a man wearing a suicide vest who approached their car in the Puntland capital of Garowe.

The two men are receiving treatment in hospital.

The al-Shabab Islamist group has claimed responsibility for the attack.

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China’s central bank unexpectedly cut the rate on reverse repurchase agreements by 20 basis points on Monday, the largest in nearly five years, as authorities ramped up steps to relieve pressure on an economy ravaged by the coronavirus pandemic.

The People’s Bank of China (PBOC) announced on its website that it was lowering the 7-day reverse repo rate to 2.20% from 2.40%, but it did not give a reason for the move.

Ma Jun, a central bank adviser told state media that China still has ample room for monetary policy adjustment and the rate decision took into consideration the return of Chinese companies to work, the global virus situation and a deterioration in the external economic environment.

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A plane believed to be conveying coronavirus medical supplies has crashed during takeoff. The aircraft, bound for Haneda, Japan, crashed at Manila International Airport in the Philippines, killing all the eight people on board.

Footage from the crash showed huge flames as emergency services scrambled. Pictures later emerged of the burnt-out wreckage after firefighters got the blaze under control.

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Oil took another 8% tumble on Monday and world shares buckled again as fears mounted that the global coronavirus shutdown could last for months.

There were some bright spots, with Australian equities posting a standout jump as the government launched a super-sized support programme.

Japan’s Nikkei had led the rest of Asia lower and Europe’s main markets slumped by 1.5-2.5% in early trade, adding to what has already been the region’s worst quarter since 1987.

The rout in oil took crude to its lowest since 2002. Brent was at only $22 a barrel by 0815 GMT, hammering Petro currencies such as Russia’s rouble, Mexico’s peso and the Indonesian rupiah by as much as 2%.

The euro and pound were both batted back by about 0.6%, leaving the former near $1.1070 and sterling at $1.2350.

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South Africa’s National Treasury said on Sunday it was introducing a new tax subsidy of 500 rand ($28) per month for each worker to employers for the next four months to cushion financial losses suffered by firms due to the coronavirus.

The treasury said in a statement that it would also permit businesses with revenue of 50 million rands or less to delay paying 20% of their employees’ tax liabilities over the next four months.

The treasury further said that the tax adjustments are made in light of the National State of Disaster and due to the significant and potentially lasting negative impacts on the economy from the spreading of the COVID-19 virus.

The announcement also follows Friday’s decision by Moody’s to cut the country’s debt to sub-investment, meaning all three of the top rating firms now rank the country at junk.

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United Bank for Africa Plc, UBA, announced a donation of over N5 billion, through the UBA Foundation, to help contain the COVID-19 pandemic in 20 African countries where it operates. The bank said in a statement that the donation will provide much needed support to Nigeria and 19 other African countries, by supplying relief materials, critical care facilities and financial support to governments. 

Under the UBA support programme, N1 billion will be allocated to Lagos State government; N500 million to the Federal Capital Territory, FCT; and N1 billion to the remaining 35 states in Nigeria. Also N1.5 billion will be disbursed to countries with UBA presence across Africa, N1 billion allocated for medical centers with equipment and supplies, as well as development of Free Telemedicine call center facility.

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Governor Willie Obiano of Anambra State says he needs 1 billion naira to secure the state against the spread of COVID-19. Governor Obiano stated this in a request for the Federal Government. The governor said he had opened a special account for donations towards preventing coronavirus from spreading into the state, which currently has no record of COVID-19.

In a statement, the governor said the steps were in line with the state’s resolve to ensure it remains free of the disease.

He said the Anambra State COVID- 19 account is in response to various inquiries from people of Anambra State origin in different parts of Nigeria and beyond who have been seeking ways to assist their people since the viral disease outbreak.

The account will be domiciled in a new generation bank and administered by the governor as Chairman of Anambra COVID-19 Task Force, to ensure absolute transparency and accountability.

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