5 things you need to know in South Africa today
·2 Aug 2016
Here’s what is happening in and affecting South Africa today:
- South Africa is one day away from heading to the polls, and ANC veterans have come out saying that voters should give the party another chance to correct itself. Analysis leading up to local elections shows that major parties will be battling it out for the “crown jewels” of the country – major metros like Johannesburg, Tshwane, and Nelson Mandela Bay, where the race is tight, and an ANC loss would carry future political significance.
- The Nation Prosecuting Authority seeking a “speedy conclusion” to the president Zuma corruption case is a joke, the DA says, as it is the NPA which has used every opportunity to delay the case’s progression – namely for Zuma to have his day in court. The DA has asked the Constitutional Court to dismiss the NPA’s application to appeal a ruling that said Zuma should face over 780 charges of corruption.
- South Africa’s rand retreated on Monday, surrendering recent gains as some investors cashed in profits from the previous week’s rally to nine months highs. Stocks were higher, buoyed mostly by financials shares. On Tuesday the rand was trading at R13.93 to the dollar, R18.37 to the pound and R15.57 to the euro.
- In global news: Asian shares slipped on Tuesday, taking their cues from a modestly lower day on Wall Street, while crude oil prices stabilised after their overnight tumble and the U.S. dollar edged higher.
- Oil prices edged up in early trading on Tuesday after U.S. crude broke below $40 per barrel the previous session, but traders said fuel markets continued to be dogged by excess production. U.S. crude was at $40.16 a barrel, up 10 cents, while Brent crude was trading at $42.34 per barrel, up 20 cents.
In other news: An in-depth analysis by electricity expert Chris Yelland shows that the cost to build South Africa’s nuclear energy plans is over R750 billion – while the levelised cost of electricity from the plans is around R1.30 per kilowatt hour (kWh). This is compared to the cost of R1.05 and R1.19 of coal production at Medupi and Kusile, and R0.69 and R0.87 for wind and solar energy.
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