5 important things happening in South Africa today
·26 Apr 2018
Here’s what is happening in and affecting South Africa today:
- The Reserve Bank has warned that despite the upbeat feeling on South Africa’s economy at the moment, state companies’ inability to finance themselves poses a very real threat to the country’s financial stability, and could very well push us further into junk status with ratings agencies. The SA government has given R450 billion in guarantees to SOEs. [Bloomberg]
- South African billionaire Christo Wiese, who lost a sizeable chunk of his fortune in the Steinhoff mess, is looking to get rid of two private jets, which could score him close to R1 billion. Wiese said that he doesn’t need two jets, and is planning on replacing them both with a new one. Wiese lost 80% of his fortune in Steinhoff’s collapse. [Huffpo SA]
- Tiger Brands has confirmed that the strain of listeriosis which has killed almost 200 people in South Africa originated from its food. The group’s independent tests confirmed that the listeria ST6 strain, which the health department had identified as the killer, was found in Tiger Brand products. [Bloomberg]
- Following months of drought, Cape Town has started receiving much-needed rain – however, heavy showers have left many of the city’s streets flooded. The city’s Disaster Risk Management has been put on alert, and has warned residents to be cautious while travelling. Rainfall is expected to continue on Thursday. [IOL]
- South Africa’s rand tumbled to its weakest in more than the three months and bonds also fell, as a rally in the dollar and US Treasuries battered emerging currencies and stocks on Wednesday. On Thursday the rand was trading at R12.44 to the dollar, R17.35 to the pound and R15.15 to the euro.
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