5 things you need to know in South Africa today

·5 Sep 2016

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

It’s ANC versus the ANC as members from various branches of the party prepare to march on Luthuli House in protest today. The #OccupyLuthuliHouse movement, started by various ANC Youth League members, is expected to unite displeased ANC members in a call for president Jacob Zuma to be recalled. The group have been called cowards, and have been accused of being funded from anti-Zuma high-ups in the ANC.

South Africans who are powered by Eskom could face a tariff hike of 22% if the power utility’s appeal on the court order cancelling its 9.4% hike succeeds. According to experts, if the court ruling is overturned, the door is open for Nersa to approve two more late applications from Eskom to recover R43 billion in lost income, which could lead to a 22% price hike from 1 April 2017.

President Jacob Zuma is currently sitting on a new piece of law that would see politicians and their families’ spending habits come under tighter scrutiny. The amendment is with Zuma but is unsigned. This was revealed amid a call from mineral resources minister, Mosebenzi Zwane called for the governing act to be moved out of Treasury.

South African markets rose across the board on Friday, after weaker than expected U.S. jobs data reduced prospects of an imminent rate hike in the world’s largest economy, sending investors on the hunt for high-yielding but riskier assets. On Monday the rand was at R14.42 to the dollar, R19.20 to the pound and R16.12 to the euro.

In global news: Asian shares rose on Monday after a weaker-than-expected U.S. jobs report prompted investors to trim expectations that the Federal Reserve would hike interest rates as early as this month.

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