Business

5 things you need to know in South Africa today

Staff Writer

 ·18 Oct 2016

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

• While finance minister Pravin Gordhan says it is pointless to request a review of his fraud charges, his co-accused have other views. Oupa Magashula and Ivan Pillay – who are being charged alongside Gordhan – have made a request that NPA head Shaun Abrahams reconsider fraud charges against them. Gordhan’s lawyers said the minister would not make the request as Abrahams had already shown he was determined to push through with the charges.

• Following revelations from Gordhan on 72 suspicious payments by the Gupta family – shown in court documents submitted last Friday – the JSE has now opened its own investigation into listed Gupta companies. Oakbay Resources has admitted that 5 of the transactions had come through them, leading to a new JSE probe, which could lead to the company being delisted, should any dodgy activity be brought to light.

• Wits student leaders are so convinced that the university has a ‘hit list’ and is coming for them, that they have gone into hiding. This follows the arrest of Wits student Mcebo Dlamini, who is due to appear at the Johannesburg Magistrate Court this morning. Dlamini was arrested on charges of assault, malicious damage to property, theft, public violence and the possession of a dangerous weapon. Other student leaders, like SRC general secretary Fasiha Hassan, are now lying low.

• Foreigners are bailing out of South Africa, having disinvested over R100 billion on a net basis in 2016 – despite the country drawing as much as R62 billion in new investment. The SABMiller/Ab Inbev deal accounts for a bulk of the outflow – but local troubles in the economy, including political uncertainty and public unrest, have also been contributing factors.

• South Africa’s rand rallied more than one percent on Monday as political pressure on Finance Minister Pravin Gordhan eased and commodity prices steadied, lifting the currency further away from a one-month trough. The bourse was weaker. On Tuesday, the rand was trading at R14.07 to the dollar, R17.18 to the pound and R15.49 to the euro.