We look back on some of the news stories of the week, including the announcement from President Cyril Ramaphosa that TERS has been extended.
TERS expected to be reinstated for tourism and hospitality industry
In Thursday night’s SONA address, President Cyril Ramaphosa announced that the Temporary Employer-Employee Relief Scheme (TERS) will be reinstated. The scheme came to an end in October 2020, and will now be extended for affected industries until the 15th of March 2021. According to Moneyweb, while the industries that will benefit from the TERS extension have not been announced, “the Tourism Business Council of South Africa is confident that the sector will be included.” Other sectors such as the restaurant and hospitality industries, both of which have been hard hit by the level 3 lockdown restrictions, are expected to be amongst those that can apply for TERS.
Alcohol industry estimated to have lost over 200 000 jobs thanks to bans
News24 reports that the alcohol industry is estimated to have lost R36.3bn in retail sales revenue over the three alcohol bans since lockdown restrictions began in March 2020. Not only that, but an estimated 200 000 have lost jobs in both the formal and informal sectors as a result of the alcohol bans. This information comes from a report commissioned by the alcohol industry by advisory firm FTI Consulting, which Fin24 has seen. FTI further calculated that the 19 weeks of alcohol bans, together with a five-week ban on exports, has cost the industry approximately 30% of sales opportunities and 1.1 billion litres in sales volumes. To read the full article, click here
Studies find a link between coffee and reduced risk of heart failure
A recent study from the American Heart Association shows that coffee can be good for you! Researchers have found that drinking two cups of black, caffeinated coffee a day decreases the risk of heart failure by 30%. Drinking decaffeinated coffee, however, appears to increase the potential risk of heart failure. “While unable to prove causality, it is intriguing that these three studies suggest that drinking coffee is associated with a decreased risk of heart failure and that coffee can be part of a healthy dietary pattern if consumed plain, without added sugar and high fat dairy products such as cream,” said registered dietitian Penny Kris-Etherton, immediate past chairperson of the American Heart Association’s Lifestyle and Cardiometabolic Health Council Leadership Committee, in a statement. To read more, click here