Business

5 important things happening in South Africa today

Staff Writer

 ·7 Jun 2018

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

• South Africa is going nowhere, having lost an entire decade of potential growth, and is now trapped in a low-growth rut, according to economists. Worse yet, is that the country’s population growth currently exceeds economic growth – so we’re getting poorer on a GDP per capita basis. [702]

• Former president Jacob Zuma has given his detractors an ominous warning to not “provoke” him. He said that he has a lot to say about the ANC as an organisation, but has kept silent because of his role as president, and loyalty to the party. [Times Live]

• Scandal-hit Steinhoff says it has secured support from two lenders to prop up two of its overseas companies. The group said the support letters it received underlines how lenders are backing its restructuring strategy. [Reuters]

• Police Minister, Bheki Cele says the SAPS will take an “unconventional” approach to tackling cash-in-transit heists in the country. It involves using covert ops to take on the ‘illicit economy’ where money stolen from the heists ends up. There have been 159 heists in the country this year so far. [eNCA]

• South Africa’s rand was firmer on Wednesday, shaking off the shock of economic growth contraction as some short covering saw a return of buying interest. On Thursday, the rand was trading at R12.70 to the dollar, R17.07 to the pound and R14.99 to the euro.