5 important things happening in South Africa today
·17 Oct 2017
Here’s what is happening in and affecting South Africa today:
- Global consultancy group McKinsey, which is caught up in the Eskom-Gupta scandal, has admitted that it made errors in dealing with Eskom and the Gupta-linked Trillian, and that it was embarrassed – however, it maintains that it was not part of any corruption or wrongdoing.
- Today marks the launch of the first official inquiry into state capture – a full year after former public protector Thuli Madonsela ordered that a commission be set up. The portfolio committee on public enterprises will meet to start its probe into Eskom, Transnet and Denel.
- Eskom says it needs to hike electricity priced by 19.9% so that it can meet its own projected sale targets – reasoning which has been rubbished by civil action groups. Eskom said that the weak economy has led to lower sales, making the hike necessary.
- A strike at low-cost airline Mango is set to continue for a second day, after negotiations over wages broke down yesterday. Trade union Solidarity has vowed to continue striking until its demands are met. Pilots and other crew are demanding an 8.5% increase. Employers are offering 6%.
- The South African rand remained under pressure on Monday, after retreating against the dollar from 3-week highs. On Tuesday, the rand was trading at R13.34 to the dollar, R17.68 to the pound and R15.71 to the euro.
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