5 important things happening in South Africa today

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

• SA backs BRICS Space Council proposal: Humbulani Mudau, CEO of the South African National Space Agency (Sansa), has said that South Africa backs Russia’s proposal for a BRICS Space Council to better coordinate the space ambitions of its members and enhance cooperation. Shortly following a meeting of BRICS space agency leaders in Moscow on May 23 and 24, Sansa issued an official statement throwing its weight behind the initiative. [News24]

• Gqeberha floods death toll rises: Two weeks after the Eastern Cape experienced devastating floods, the death toll in Gqeberha has risen to 11, following the discovery of a body by the Gqeberha K9 Search and Rescue and Diving Unit in the Swartkops River, Kariega. This disaster has resulted in substantial damage, destroying homes, bridges, and schools, displacing thousands, and incurring costs around R6 billion. [The Citizen]

• Transnet meets with World Bank: Transnet, the state-owned entity managing South Africa’s ports and railways, has engaged with World Bank representatives to discuss perceived inaccuracies in the 2023 Container Port Performance Index (CPPI), which ranked South African ports near the bottom out of 405 global ports. Transnet objected to not being consulted to confirm the data’s accuracy before the report’s publication. [Moneyweb]

• Coalition talks entering final bend: There are just over 24 hours left until the first sitting of Parliament, where a new President, Speaker and Deputy Speaker are set to be elected. Parties have been involved in negotiations for the past 10 days, trying to find common ground to vote together in order to form a cooperative government, given that no party received an outright majority in the recent elections. The ANC is hoping to form a relatively broad Government of National Unity. [BusinessTech]

• Markets: The rand strengthened on Wednesday, as investors waited for collaboration signs between parties trying to form a government of national unity before lawmakers’ swearing-in on Friday. On Thursday (13 June), the rand was trading at R18.42 to the dollar, R23.53 to the pound, and R20.04 to the euro. Oil is trading at $82.38 a barrel. [Reuters]