Finance

5 important things happening in South Africa today

Staff Writer

 ·9 Feb 2017

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

• Viewers are expecting a heated a clash between the EFF and president Jacob Zuma as he prepares to address the country in his 2017 State of the Nation Address being held in Cape Town today. The party is known for disrupting Zuma’s speeches at any given opportunity, and has made it known that tonight’s SONA will be no exception. The party has said that it would be better for someone else to come and deliver Zuma’s speech, as they will not allow him to speak.

• While a national minimum wage agreement has been signed (by everyone except Cosatu), it will take time – at least 2 years – for all workers to receive its full benefit. Deputy president Cyril Ramaphosa says that sectors that do not match the minimum wage of R20 per hour or R3,500 per month will likely take until mid 2019 to catch up. This includes sectors such as farm workers and domestic workers.

• A heavily redacted report on the inner workings of Eskom during its financial crisis has revealed that many dodgy deals took place at the utility, where companies set up by Eskom employees themselves, through their families, benefited from R30 billion in contracts. The report also said that Eskom ignored advice given on its Coal Supply Agreements (CSAs), and ignored its own requirements when giving out contracts.

• Noise around president Jacob Zuma’s decision to deploy 441 soldiers to Parliament continues, with one thing being clear: no one expected it, and no one really knows why they’re there. ANC Chief Whip, Jackson Mthembu has spoken out against the deployment, saying he was against the decision. Parliament said that the deployment was normal and that the soldiers would perform ceremonial roles; however Zuma’s order specifically says they are to assist the SAPS in maintaining law and order.

• South Africa’s rand inched higher on Wednesday, paring some of its recent losses as the price of gold rose, driven by investors searching for safe bets amid political worries in Europe and the United States. On Thursday, the rand was trading at R13.43 to the dollar, R16.81 to the pound and R14.35 to the euro.