Business

5 things you need to know in South Africa today

Staff Writer

 ·14 Oct 2016

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

• Why is the president trying to stop the Public Protector from releasing her report investigating him? According to president Jacob Zuma, it’s because Thuli Madonsela threatened him – allegedly telling him that if he does not answer her questions, she will make adverse rulings against him without hearing his version of events. This is according to Zuma’s affidavit attached to his application for an interdict to prevent Madonsela from publishing her report today.

• Former National Prosecuting Authority (NPA) boss Mxolisi Nxasana says the fraud charges against finance minister Pravin Gordhan will be thrown out in court. Nxasana said the charges against Gordhan made it clear that current NPA head, Shaun Abrahams was being influenced politically – and that the NPA got desperate to find anything that would stick, after the so -called “rogue unit” investigation came up empty.

• Ratings agency S&P Global says that South Africa just needs to stick to its fiscal targets until the next budget meeting in February 2017 (and beyond) if it wants to stay above junk status. The group said South Africa’s political troubles are now front and centre, and it will be watching closely as the next few weeks are likely to determine how well South Africa will stick to its budget targets.

• Campus security guards at Tshwane University of Technology (TUT)’s west campus are facing attempted murder charges as some “accidentally” discharged live rounds of ammunition at protesting students on Thursday. The SAPS have subsequently confiscated 11 shotguns from the company, one of which was fired at a group of students, leading to at least one student being admitted to hospital with wounds to his legs.

• South Africa’s stocks touched 3-1/2-month lows on Thursday in line with world equities after a sharp decline in Chinese exports revived concerns about the health of the world’s second-biggest economy. The rand recouped some of its losses against the dollar, but still traded near the previous day’s four-week lows. On Friday the rand was at R14.28 to the dollar, R17.42 to the pound and R15.74 to the euro.

In other news: Global donut brand Dunkin Donuts has opened its first store in Cape Town, with another four expected to open in the Mother City before the end of 2016. The brand will be competing with Krispy Kreme, which also has 5 stores – though for now both brands have targetted different cities, with the latter operating only in Joburg.