Finance

5 things you need to know in South Africa today

Staff Writer

 ·3 Jan 2017

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

• 2017 has just started and South African politicians are already at it. The DA mayor of Thswane, Solly Msimanga, has hit back at ANC criticism directed at his trip to Taiwan (which the party says goes against South Africa’s ‘One China’ foreign policy) saying that his visit was about investment opportunity for the city of Tshwane, and would not make it a political issue as is the intent of the ANC.

• Consumers expecting to use a new provision of the National Credit Act – which prevents the collection of debt that has prescribed or been left uncollected – should know that it does not apply retrospectively. This was a ruling made by the Supreme Court of Appeal in a case where the provision was recently used as a defense regarding debt that prescribed in 2014. The provision came into effect in 2015.

• Motorists will be off to a tougher start of the year as petrol and diesel prices are set to increase at midnight. Petrol will be between 48 and 50 cents more per litre at the pumps (inland), while the wholesale price of diesel will increase by 39 cents. The price hike has been blamed on oil-producing countries scaling back on production.

• The decision to review and hike the marks of almost half the subjects written by 2016 matriculants has sparked outcry among opposition parties, who say that the method used to determine which subjects need to be adjusted higher – and by what amount – is inconsistent. However, standard-setting body Umalusi has defended its decision to hike 28 subjects, saying its methodology is sound. Matric results are expected to be released on 5 January.

• South African financial markets closed early on the last trading day for 2016 – which was last Friday (30 December 2016). With 2 January 2017 being declared a public holiday, the JSE is yet to open trade in the new year with the first day of trade kicking off at 9am today. However, the rand is off to a weaker start in the year, trading at R13.72 to the dollar in the early morning, R16.87 to the pound and R14.40 to the euro.