5 important things you need to know in South Africa today
·20 Sep 2017
Here’s what is happening in and affecting South Africa today:
- KPMG’s reputation in South Africa is in tatters, and many are celebrating, saying that it’s a shining example of accountability finally catching up with companies who engage in dodgy business dealings. KPMG international, meanwhile, has apologised profusely for the South African branch’s role in the Gupta scandal, saying “this is not who we are”.
- The ANC’s provincial branches are scampering as secretary general Gwede Mantashe this week banned all conferences after 30 September. Many provinces’ leadership teams are in disarray – but Mantashe said they have to get their act together and focus on December’s elective conference. The party is deeply divided, with infighting between factions.
- The Western Cape government is moving to make alcohol more expensive and more difficult to buy, with the publishing of a new White Paper aimed at reducing the harm caused by alcohol abuse. Among the proposals are a provincial tax on booze, on top of sin taxes, as well as the limiting of trading hours for liquor stores.
- The local arm of global toy company, Toys R Us, has moved to allay fears after the US arm announced that it was bankrupt and moving into business rescue. In a statement, Toys R Us South Africa said that the opposite was true closer to home, with the business robust, and even growing.
- South Africa’s rand weakened to a five-week low against the dollar on Tuesday before the central bank’s interest rate decision this week and the U.S. Federal Reserve’s policy meeting. Stocks were mixed. On Wednesday the rand was trading at R13.31 to the dollar, R18.00 to the pound and R15.99 to the euro.
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