Business

5 important things happening in South Africa today

Staff Writer

 ·26 Apr 2017

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

• President Zuma’s supporters continue to sing his praises as he pushes the “radical economic transformation” agenda at every opportunity he can. While speaking to supporters in Harrismith this week, Free State premier and Zuma loyalist, Ace Magashule told the president that the entire country supported and loved him and that he was needed to run the country now more than ever. He also told Zuma to ignore protest action against him.

• South Africa’s nuclear programme may face its first real hurdle today as the High Court rules on a legal bid brought by Earthlife Africa Johannesburg and the Southern African Faith Communities’ Environment Institute  against the government’s processes in dealing with nuclear energy. The groups claim that the government acted in secret and in bad faith, and failed to go through Parliamentary procedures when deciding the country needed 9.6GW of nuclear energy.

• Sibanye Gold has decided it will not invest or launch any new projects in South Africa because of the turmoil in government, and has warned that other countries such as China have a very dim view of SA. The move comes day after Sygnia CEO Magda Wierzycka recommended ways in which private businesses in SA could push back against damaging government behaviour – one of which was to shut down future and current projects in the country.

• South African Airways has warned that there may be disruptions to flights today as cabin crews gear up for a strike. The airline has been served with a strike notice by unions, but says it is working to resolve and reach a settlement with those involved. If you have a flight booked for today, you are urged to keep checking online for any updates or changed to the schedules.

• South Africa’s rand retreated on Tuesday as the global demand for risk currencies eased and technical factors weighed, but stocks firmed, buoyed by firms with substantial sales abroad. On Wednesday, the rand was trading at R13.08 to the dollar, R16.79 to the pound and R14.32 to the euro.