5 important things happening in South Africa today
·28 Aug 2017
Here’s what is happening in and affecting South Africa today:
- South African state-owned arms firm, Denel has cancelled a contract with the Gupta-owned VR Laser Asia, with the SOE confirming the failed deal had cost it dearly. The deal was called off in the same week that the Gupta family sold off two of its other businesses to close associates in a bid to circumvent a banking blacklist in the country.
- More than half of Naspers’ shareholders have spoken out against the media giant’s remuneration policy, and over 60% have voted against giving directors control of unlisted (A) shares, in an unprecedented move. Shareholders with N shares only control about 32% of the company, while the A shareholders control 68%.
- The ANC’s alliance with the SACP is on shaky ground, as the latter is expected to inform the ruling party of its intentions to contest future elections as a standing party, while repeating calls for president Jacob Zuma to step down. The SACP central committee met this past weekend and cemented its plans to run for election outside the ANC.
- A new report shows that 22% of South Africans could lose their medical aid due to the schemes becoming unaffordable should a decision to scrap tax credits moves ahead. Stellenbosch economics consultancy Econex has warned that 1.9 million of 8 million medical aid members would have to drop out of private healthcare.
- South Africa’s rand firmed on Friday as the dollar fell after Federal Reserve Chair Janet Yellen made no reference to U.S. monetary policy in her speech at a central bankers’ meeting. On Monday the rand was trading at R13.06 to the dollar, R16.82 to the pound and R15.57 to the euro.
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