Tshwane mayor lives to see another day and Dischem executive scores R340 million

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

• Motion to oust Tshwane mayor put on hold – for now: A motion of no confidence against Tshwane mayor Cilliers Brink meant for today has been temporarily withdrawn by opposition parties yesterday. ANC regional secretary George Matjila confirmed that the party’s motion would be backed by ActionSA, the ACDP and the EFF, thus likely to pass, but would be temporarily withdrawn due to the DA’s court challenge. [The Citizen]

• Dis-Chem executive sells over R340 million in stock: Stanley Goetsch, an executive director at Dis-Chem, sold 5 million shares for R178.2 million, following another sale of 5 million shares for R165 million earlier in June. The transactions, amounting to R343 million this year, were part of his portfolio diversification, conducted through STANSH Proprietary Limited, which Goetsch controls. He has been on the board since 2022 and with the group since 1984. [Moneyweb]

• Health DG’s mad dash to seal his cellphone records: The National Health Department’s director-general sought court intervention to block the Hawks from accessing his “private” cellphone, seized during a raid linked to the Digital Vibes corruption case and additional allegations. He now faces suspicions of attempting to conceal incriminating evidence. [News24]

• “Highly improbable” new PGM mines will be developed in SA: Implats CEO Nico Muller has stated that due to the long-term demand prospects for electric vehicles, the company is unlikely to develop new platinum group metal (PGM) projects in South Africa. Citing concerns over current prices and the future electrification of vehicles, he believes investing in new PGM assets won’t offer attractive returns to shareholders or companies. [Business Day]

• Markets: The rand firmed on Thursday to its strongest level in 13 months, buoyed by the return of risk appetite to financial markets ahead of key U.S. inflation data. On Friday (30 August), the rand was trading at R17.76 to the dollar, R23.36 to the pound, and R19.68 to the euro. Oil is trading at $80.18 a barrel. [Reuters]