5 important things happening in South Africa today
·8 Nov 2017
Here’s what is happening in and affecting South Africa today:
- Experts have graded an apparent plan by Jacob Zuma to free up R40 billion from the national budget for free education a big ‘Z’, calling it a recipe for disaster if pushed through. A central point is that fees are an annual occurrence, and would require billions of rands every year – something which South Africa simply cannot afford.
- New emails have surfaced showing how the Gupta family wanted to use money ‘earned’ from state contracts in South Africa to award tenders to business associates and apparent front companies to build a multi-billion dollar medical facility in Dubai.
- Gauteng roads were thrown into chaos on Wednesday after taxi drivers went on strike, demanding higher wages. The drivers shut down main routes across Johannesburg and Tshwane, causing road blockages on national highways, which fed back into side routes. Roads affected include the N1 north and south, the N3 north and the N4.
- Global oil prices have hit a 2-year high, which means South Africans can expect another big increase in petrol prices come December. The local fuel price is impacted by key factors – the oil price and the exchange rate, and both have not worked in South Africa’s favour over the past few months. Oil is at $64 a barrel, but could settle between $55 and $60.
- Bourse heavyweight Naspers and retailer Mr Price helped push South African stocks to new record highs on Tuesday, while the rand weakened in line with other emerging market currencies. On Wednesday the rand was trading at R14.21 to the dollar, R18.71 to the pound and R16.48 to the euro.
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