5 important things happening in South Africa today

Here’s what is happening in and affecting South Africa today:

• Transnet hits back at port rankings: Transnet Port Terminals and business grouping the South African Association of Freight Forwarders (SAAFF) has hit back at a report by the World Bank and rating agency S&P’s that ranked four South African ports as among the worst in the world for efficiency and competitiveness. Transnet and the SAAFF claim that the report was limited in its focus and missed a large number of boats, and was thus flawed. [News24]

• Alexforbes expects R55 billion in industry outflows: CEO Dawie de Villiers revealed to News24 that Alexforbes, the leading retirement fund administrator in South Africa, expects the new two-pot retirement system to result in about R55 billion in outflows from the sector in its first year. This forecast is based on projections from Alexforbes’ management of assets worth R525 billion as of March end, 2024. [News24]

• eFiling taxpayer profile hijackings on the rise: Recently, there’s been a surge in phishing attacks targeting eFiling accounts, leading to unauthorized changes in banking details for fraudulent VAT refunds. Jean-Louis Nel from Van Huyssteens Commercial Attorneys highlights that individuals may be held liable by the South African Revenue Service (SARS) for fraud conducted through their company’s accounts. [Moneyweb]

• Experts slam Joburg’s ‘load reduction’ reasons: City Power’s announcement of “load reduction” to lower high electricity demand and prevent the grid from completely failing has faced strong criticism for the reasons that the entity has given for the measures, claiming that the entity is deflecting the blame. According to energy experts, the real issues largely stem from inadequate planning, a lack of investment in new infrastructure, and neglect in upgrading existing facilities, not solely at the feet of residents as given by the entity. [Times Live]

• Markets:  The rand strengthened on Monday as focus remained on talks between political parties on forming a government of national unity. On Tuesday (11 June), the rand was trading at R18.75 to the dollar, R23.87 to the pound, and R20.16 to the euro. Oil is trading at $81.55 a barrel. [Reuters]