5 important things happening in South Africa today

·5 Jun 2018

Here’s what is happening in and affecting South Africa today:

SAA CEO Vuyani Jarana says he will pay R100‚000 to charity from his own pocket if his three-year turnaround plan for the airline does not succeed. Jarana took up the challenge from Free Market Foundation executive director Leon Louw. If he does lead the airline into profit‚ Louw will have to pay the same amount towards charity. [TimesLive]

Justice Minister Michael Masutha said he has “full confidence” in chief prosecutor Shaun Abrahams and he had supported the 2016 decision to bring charges against then-finance minister Pravin Gordhan – a move that knocked the rand but was reversed two weeks later. Abrahams had been accused by opposition parties and rights groups of delaying decisions on or refusing to prosecute allies of former President Jacob Zuma accused of looting state funds. Last year the High Court ruled that his appointment was invalid because the removal off his predecessor was unlawful. [Bloomberg]

Deutsche Bank will shut down its South African corporate broking, advisory and sponsor-services as part of its plan to return to profitability. “There will be an orderly wind-up of the Advisory, Corporate Broking and Sponsor Services businesses over a period of up to six months,” the bank said. A source at the bank said a small number of its 72 South African full-time staff would lose their job. [Reuters]

A meeting to discuss the renaming of Cape Town Airport descended into chaos on Monday evening. A group of EFF supporters wanted the airport to be named after Winnie Madikizela-Mandela, while another group wanted the airport to be named after the Khoisan people. [Huffington Post]

South Africa’s rand traded flat on Tuesday as it awaited direction amid positive global market sentiment. The local unit traded at R12.56 to the dollar, R16.72 to the pound and R14.69 to the euro.

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