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South Africa is one of the hardest-hit countries in Africa with over 740,000 infections.

The country recorded 60 more virus-related deaths on Wednesday, bringing the death toll to 20,011.

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Equity Bank spooks investors with Sh9.4 billion dividend recall

Friday, May 29, 2020 0:01

By CHARLES MWANIKI

Equity is seeking to conserve cash due to the Covid-19 outbreak.

FILE PHOTO | NMG 

Equity Bank’s #ticker:EQTY share has wobbled from Tuesday after the lender informed investors of a surprise withdrawal of dividend, before recovering some of the losses in the last two days as buyers returned to look for a friendly entry price.

The share closed Tuesday 5.4 percent down at Sh34.20 from Sh36.15 on Monday, when the lender disclosed the move to retain the dividend pay-out totalling Sh9.4 billion due to the need to conserve cash in the wake of the global Covid-19 pandemic.

Equity’s move to conserve cash due to the Covid-19 outbreak follows a similar stance by fellow top tier lender NCBA #ticker:NCBA, which last month opted to pay shareholders a bonus share for every 10 held instead of dividends worth Sh2.24 billion.

Co-operative Bank #ticker:COOP has gone ahead with its dividend pay-out, going as far as bringing forward its Sh1 per share or Sh5.8 billion dividend on April 23.

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New York City’s mayor and police commissioner on Sunday both defended local officers engaged in violent standoffs with protesters as mass demonstrations erupted across the U.S., sparked by the death of Black man George Floyd while in Minneapolis police custody.

Videos and images circulated on social media Saturday afternoon showing New York Police Department officers driving vans into crowds, accosting credentialed media ― and arresting a HuffPost reporter ― and, in one instance, apparently pulling down a protester’s mask to pepper spray him as the demonstrations progressed into the evening.

De Blasio also announced in a news briefing on Sunday that two local investigators — Department of Investigation head Margaret Garnett and Corporation Counsel James Johnson — will conduct an independent review in June of the NYPD’s actions during the weekend’s protests.

Shea and de Blasio both blamed outside agitators for protest violence and praised the NYPD for the progress it has made to address accusations of unfair policing and violence against people of color.

However de Blasio and Shea characterized the department’s progress, their comments stood in stark contrast to Saturday’s widespread imagery of journalists arrested and police vans driving into crowds of people.

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