5 things you need to know about in South Africa today
·26 Jul 2016
Here’s what is happening in and affecting South Africa today:
- Telecoms minister Siyabonga Cwele is seeking to take legal action to prevent Icasa from auctioning off much-needed spectrum to businesses in the industry. The spectrum, which is to be auctioned off in 5 blocks at a minimum of R3 billion a block, is needed for the roll out of high-speed mobile networks. Cwele says his department was not consulted.
- ANC Western Cape chairman Marius Fransman has revealed the ANC’s worst-kept secret: that it is a party deeply divided. Fransman has been officially suspended from the party following two cases of sexual misconduct laid against him; however, he has been campaigning alongside president Jacob Zuma, upsetting many in the party – especially ANC secretary-general Gwede Mantashe.
- South Africa’s rand retreated on Monday as a stronger dollar boosted by revived bets of an interest rate hike in the United States dented risk appetite, while stocks rose lifted by retailers. On Tuesday the rand was trading at R14.30 to the dollar, R18.72 to the pound and R15.74 to the euro.
- In global news: Caution gripped Asian markets on Tuesday, sending the safe-haven yen scampering higher ahead of central bank meetings in the United States and Japan, while a fresh skid in oil dampened energy stocks. U.S. stocks receded from record highs on Monday as oil weighed on energy shares and investors awaited an avalanche of quarterly reports.
- Oil prices edged away from three-month lows on Tuesday, supported by a weaker dollar, but concerns of ongoing oversupply weighed on markets and many traders are raising their bets on further price falls. International Brent crude was trading at $44.93 per barrel, up 21 cents – while U.S.crude CLc1 was at $43.23, up 10 cents per barrel.
In other news: Hail and flood warnings have been issued across the country, as heavy rain is expected to disrupt activity across SA’s biggest metros. Eskom has also warned that it expects usage to rise sharply as colder weather hits the cities.
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