5 important things happening in South Africa today
·1 Aug 2017
Here’s what is happening in and affecting South Africa today:
- Energy minister Mmamoloko Kubayi has suspended the Central Energy Fund (CEF) board, including its acting chief executive, chief financial officer and company secretary. A report in the Business Day confirmed the tip-off on Tuesday, explaining that the suspension occurred after the board was called to a meeting last Thursday regarding the controversial oil stock rotation issue.
- The Industrial Development Corporation (IDC) has stated that it is in the process of recovering money from Oakbay Resources. The agency says the delisting of the Gupta-owned company does not mean that it’s now worthless. According to the IDC, it gave Oakbay a R250-million loan and the company has slowly been repaying the loan. The company also has 3% holding in Oakbay in the form of shares.
- More ANC MPs are likely to openly endorse an opposition motion to remove President Jacob Zuma from office, but the numbers will not be enough for the motion to succeed, say party insiders in Parliament. Two ANC insiders in Parliament said on Monday a lot more party MPs were unhappy with Zuma’s leadership and were likely to soon openly state their views.
- Pick n Pay CEO Richard Brasher says the company was left with no choice but to offer voluntary retrenchment to employees, with 3,500 employees leaving the business. The company has confirmed that workers were offered packages as the company cites harsh economic conditions. Brasher said the process, which began in April, was in the best interests of the business.
- South Africa’s stocks hit an all-time high on Monday, buoyed by the recent rally by heavyweights such as Naspers with sizeable foreign earnings. On Tuesday the Rand was trading at R13.18 to the dollar, R17.43 to the pound and R15.59 to the euro.
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