5 important things happening in South Africa today
·10 Aug 2017
Here’s what is happening in and affecting South Africa today:
- The ANC is on the hunt for the MPs who voted with the opposition in Tuesday’s vote of no confidence against president Jacob Zuma. In the vote, as many as 35 ANC MPs voted against Zuma, with the president’s supporters now calling for those who said publicly that they would “vote with their conscience” to be thrown out of the party.
- In the fallout of Tuesday’s vote, the DA has called for Parliament to be dissolved and for early elections to be held. The ANC has rejected the call. On Wednesday, DA leader Mmusi Maimane said that the ANC has lost the confidence of the people of South Africa and of members in its own party. He said South Africa needs new leadership “before it’s too late”.
- Following several years of growing demand and rapid development of luxury apartments and buildings in Sandton, South Africa’s ‘richest square mile’ is facing decline. According to data from Lightstone property, from over 4,500 sectional title units sold in Sandton in 2016, only 1,700 have been sold this year so far.
- South Africa’s lagging economy leaves little bright hopes for the country’s retail sector, but economists are optimistic that the fourth quarter of the year will bring some needed relief – and that things are unlikely to reach new lows. Specifically, thanks to lower inflation, the fourth quarter of 2017 is expected to be markedly better than the same time last year.
- South Africa’s opposition called on Wednesday for parliament to be dissolved and a national election held, a day after its no-confidence motion in President Jacob Zuma was defeated. On Thursday, the rand was trading at R13.45 to the dollar, R17.45 to the pound and R15.78 to the euro.
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