5 important things happening in South Africa today
·10 May 2018
Here’s what is happening in and affecting South Africa today:
- South African business confidence has dropped to ‘Zuma levels’, Sacci says, with the latest index showing that confidence has declined to levels last seen before the ANC’s elective conference in December 2017. Analysts say that the ‘Ramaphosa’ effect is losing its shine – while others say it was overblown to begin with. [Bloomberg]
- The Guptas will face off with the NPA’s Asset Forfeiture Unity today to try and get their frozen assets back. The NPA recently seized Gupta properties and a fleet of vehicles, which is says will be used to recoup some of the R200 million lost in the Estina dairy project. The Guptas have denied wrongdoing, but are yet to appear in court. [eNCA]
- The end appears to be in sight for the nationwide bus strike which has effectively crippled transport in major cities across the country. Employers and unions are getting closer to an agreed wage increase in negotiations, with the latest offer sitting at 8.75%, while workers demand 9%. [IOL]
- North West premier Supra Mahumapelo has done a U-turn on his stepping down, and now says he isn’t going anywhere. After announcing he would go for the good of the people, Mahumapelo and his supporters have now turned on the ANC leadership, saying they are on a witch hunt. North West Finance, Economic and Enterprise Development MEC Wendy Nelson has been appointed the acting premier of the province. [HuffPo SA]
- South Africa’s rand tumbled on Wednesday after US President Donald Trump’s decision to pull out of an international nuclear deal with Iran hit global risk sentiment, but stocks closed stronger. On Thursday the rand was trading at R12.57 to the dollar, R17.05 to the pound and R14.91 to the euro.
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