5 important things happening in South Africa today
·29 Mar 2018
Here’s what is happening in and affecting South Africa today:
- Former president Jacob Zuma is going to draw out his corruption case for as long as possible, legal experts say, which can be seen by his move to take the reinstatement of the charges on review. Two other delaying tactics Zuma could employ are challenging NPA head Shaun Abrahams on how he announced the charges (civil case) and the second could be an application for a stay of prosecution. [IOL]
- Steinhoff has been accused trying to look good in front of parliamentary committees by launching an empty case with the Hawks over the accounting scandal. The Hawks said that the case lacks any detail, and was likely a cynical move to save face. Steinhoff denies this, but the Hawks is angry about it and called the move ‘malicious compliance’. [EWN]
- Moody’s has sent Eskom further into junk status, saying that the power utility lacks any clear plan to reverse its financial troubles. The group acknowledged that improvements had been made, but a lack of financial support and no long-term plan to sustain its business weakened its credit position significantly. [Bloomberg]
- Eyes will be on Nelson Mandela Bay today as mayor Athol Trollip faces a no confidence vote, brought by the EFF has punishment to the DA for not supporting its land reform policies. It is expected to be a close race, as many parties say they will oppose the motion purely because EFF leader Julius Malema was submitting it just because Trollip is white. [News24]
- South Africa’s rand and banking stocks fell on Wednesday after the central bank lowered its main lending rate for the first time since July and said it thought the currency was over-valued. On Thursday the rand was trading at R11.75 to the dollar, R16.56 to the pound and R14.49 to the euro.
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