5 important things happening in South Africa today
·26 Sep 2017
Here is what is happening in and affecting South Africa today:
- Finance minister Malusi Gigaba has denied there is a plan to ‘raid’ the Public Investment Corp. for billions of rands to fund state companies. PIC head Dan Matjila told reporters this week that he believed he was being targeted by powerful people who wanted access to the PIC’s R1.9 trillion.
- Pick n Pay says its plan to offer store credit so people can buy their groceries on credit plans will follow strict criteria as outlined in the National Credit Act. Following the announcement last week, many raised concerns that the plans would target the most vulnerable and lead to even higher levels of debt.
- German software group SAP has promised to provide South Africa with the full details of its contracts with the Gupta family. The group launched an investigation after it was accused of offering kickbacks to Gupta-linked companies totalling millions, so that it could secure government contracts.
- Business groups, Busa and BLSA have thrown their support behind major mass action planned by Cosatu, to march 100,000 people through the streets against corruption on Wedesday. The move is unprecedented, as business groups are typically against protest action that would halt productivity. The march aims to shut South Africa down.
- South African markets were closed on Monday, as the country observed Heritage Day, which fell on a Sunday this year. On Tuesday, the rand was trading at R13.31 to the dollar, R17.95 to the pound and R15.78 to the euro.
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