Naspers’ R225 billion hit, and government dragged to court

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

• Naspers’ R225 billion hit: Naspers and its subsidiary Prosus lost approximately R225 billion after the US added Tencent to a list of companies allegedly linked to the Chinese military. Naspers fell nearly 10%, closing down 9.5%, while Prosus dropped 8.4%. Analysts noted that Tencent’s limited dependence on the US market may mitigate the impact on its valuation, potentially affecting the share prices of Naspers and Prosus. [News24]

• Government dragged to court: Civil society organisations Earthlife Africa and groundWork have approached the Pretoria High Court to review and set aside decisions by the Minister of Forestry, Fisheries and Environment and the National Air Quality Officer granting Eskom permission to suspend or postpone compliance with the minimum emissions standards (MES) at 8 of its coal-fired power stations. [Business Day]

• Court to rule on matric results battle: The High Court in Pretoria will rule on whether the Information Regulator’s application to interdict the publishing of matric results in newspapers is urgent. The regulator insists the education department has not obtained the necessary consent from all pupils, which violates their privacy. The department doesn’t believe this is an urgent matter, and that it is acting in line with an existing court order that allows the publishing of results. [eNCA]

• Gauteng dismisses bankruptcy claims: Gauteng Finance and Economic Development MEC Lebogang Maile has dismissed reports suggesting that the province is nearing bankruptcy. Maile told the media that while he acknowledges the financial strain caused by the e-toll debt, he assures that the province’s finances remain stable. [SABC]

• Markets: The rand slipped against a resurgent dollar on Tuesday, after positive US data suggested that the Federal Reserve would likely be cautious in cutting interest rates. On Wednesday (08 January), the rand was trading at R18.72 to the dollar, R23.36 to the pound, and R19.34 to the euro. Oil is trading at $77.36 a barrel. [Reuters]