5 important things happening in South Africa today

 ·12 Apr 2024

  • US senators drop SA Agoa review plans: United States senators from both sides of the aisle have dropped plans for a legislative requirement that South Africa’s eligibility for the African Growth and Opportunity (Agoa) trade preference programme should be immediately reviewed. [Daily Maverick]

  • NSFAS board dissolved: The National Student Financial Aid Scheme’s (NSFAS) board has been dissolved by the Minister of Higher Education, Blade Nzimande. This is shortly after the board’s chairman, Ernest Khoza, resigned amid allegations of corruption from the Organisation Undoing Tax Abuse (OUTA). [EWN]

  • Collapsed BHI Trust claims soar: Over 800 creditors have lodged claims totalling more than R1.6 billion against the defunct investment firm BHI Trust, managed by Craig Warriner. Warriner surrendered to police last year, intending to “come clean.” This sum surpasses the R1.18 billion cited during his November court appearance. The fate of the funds managed by the trust from January 2013 to August 2023 remains largely unclear. [News24]

  • Alexkor vs Creecy court battle: State-owned diamond mining company Alexkor is contesting a compliance notice from the environment department regarding its beach mining activities in Namaqualand. The notice demanded that Alexkor cease using rocks for the construction of coffer-dams and seek authorization. Alexkor is challenging the authority of the environment department’s Green Scorpions to issue such notices for coastal zone mining. [GroundUp]

  • Markets: The rand reversed earlier losses to hold broadly steady on Thursday after supportive local mining and manufacturing data. On Friday (12 April), the rand was trading at R18.73 to the dollar, R23.53 to the pound, and R20.12 to the euro. Oil is trading at $90.22 a barrel. [Reuters]

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