5 important things happening in South Africa today

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

• Cabinet talks reportedly back on track: After a letter regarding the DA’s demands for 11 Cabinet positions upset various within the ANC, insiders revealed to News24 that a productive meeting between ANC and DA leaders took place. They said government formation talks were on the right path, with a deal nearly finalised, pending some final details. [News24]

• More MPs to be sworn in: Fifty-eight members of the Umkhonto we Sizwe (MK)  Party, led by John Hlophe, will be sworn in as members of the National Assembly this morning after missing the swearing-in ceremony on 14 June. Additionally, corruption-accused former minister Zizi Kodwa will reportedly be sworn in from the ANC benches as well. [SABC]

• Motus claims ‘unfair competition’ in South Africa vehicle retail market: Motus, a JSE-listed automotive company, claims it’s unfairly challenged by South Africa’s seven original equipment manufacturers that both import and export vehicles, benefiting from balanced trade. To counter this, Motus, which holds the exclusive rights to import and distribute Hyundai, Renault, Kia, and Mitsubishi in South Africa—accounting for 21.3% of the passenger vehicle market—is focusing on generating income from abroad to offset its foreign exchange strain and improve its financial stance. [Moneyweb]

• Ninety One appoints first South Africa CIO: Ninety One, South Africa’s largest asset management firm, has appointed Duane Cable as the Chief Investment Officer (CIO) for its local operations. Cable will continue in his dual roles as a portfolio manager on the Quality investment team and as Head of SA Quality while also collaborating with the global CIO office led by John McNab and Mimi Ferrini and remaining part of the SA management committee under Thabo Khojane. [News24]

• Markets: The rand slipped on Monday as markets waited for President Cyril Ramaphosa to announce the cabinet lineup of his government of national unity. On Tuesday (25 June), the rand was trading at R18.12 to the dollar, R22.98 to the pound, and R19.27 to the euro. Oil is trading at $86.05 a barrel. [Reuters]