5 important things happening in South Africa today
·9 Nov 2017
Here’s what is happening in and affecting South Africa today:
- Ratings firm Moody’s made an unschedule appearance in South Africa, and has released a statement highlighting its concerns with South Africa – all but guaranteeing a ratings cut for the country. Economists have called the downgrade inevitable, and expect the country to be full junk by 24 November.
- Suspended legal head at Eskom, Suzanne Daniels, is spilling the nasty details of the power utilities links to the Gupta family. She told parliament’s inquiry into Eskom that Gupta associate Salim Essa had a strong influence at the company, those who opposed the Gupta hold were forced out, and minister Lynne Brown ignored all the warnings.
- Changes to the way South Africans working overseas are taxed could have wider ramifications, beyond ‘double-taxing’ those who earn more than R1 million while abroad. According to analysts, the new regulations will also influence corporates, who would choose to enter other African countries directly, rather than through a headquarter in South Africa.
- The State Security Agency has sent a second letter to journalist and author Jacques Pauw over his explosive book that spills details on president Jacob Zuma’s alleged messy tax affairs and widespread networks of gangster buddies. The SSA is demanding that Pauw stop distributing the book, threatening legal action.
- South Africa’s rand firmed on Wednesday, recovering some losses suffered in the previous session, while stocks were weaker as Steinhoff International weighed on the bourse. On Thursday, the rand was trading at R14.16 to the dollar, R18.59 to the pound and R16.43 to the euro.
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