5 things you need to know in South Africa today
·19 Jul 2016
Here’s what is happening in and affecting South Africa today:
- A new report shows that million of rands of taxpayers money is being lost due to incompetency by state attorneys. According to the report, the state loses seven out of every ten cases it takes on, costing the country millions. The SAPS alone has spent R324 million on lost legal cases over the past three financial years.
- South Africa still has time to avoid a ratings downgrade, according to BMI Research – a unit of ratings firm, Fitch. It won’t be easy, as it would require significant structural reforms – unlikely to happen in an election year – but it is possible. After surviving a ratings downgrade earlier in the year, economists believe a cut is unavoidable in December.
- South Africa’s rand strengthened two percent against the U.S. dollar on Monday as concerns over a failed coup attempt in Turkey eased and investors sought out higher returns in emerging markets. On Tuesday the rand was at R14.26 to the dollar, R18.86 to the pound and R15.79 to the euro.
- In global news: Asian shares slipped on Tuesday, as a downturn in crude oil curbed the enthusiasm from fresh record highs on Wall Street. Wall Street closed slightly higher to new record highs for the S&P 500 and the Dow industrials, fuelled by Bank of America’s better-than-expected profit and a major tech sector acquisition.
- Oil prices eased on Tuesday as concerns over a crude and refined fuel glut outweighed an expected cut in U.S. shale production and a probable further draw in U.S. crude inventories. Brent crude slipped 13 cents to $46.83 a barrel. U.S. crude fell 14 cents to $45.10 a barrel.
In other news: Gauteng ANC chairman Paul Mashatile has given the DA “permission” to use Nelson Mandela in their ad campaigns. He said that Mandela belonged to all South Africans, and that if anyone from the opposition wanted to honour him, the ANC would not have a problem with it.
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