5 important things happening in South Africa today
·11 Jun 2018
Here’s what is happening in and affecting South Africa today:
- Eskom is reportedly taking the energy regulator to court over a tariff decision that would limit how much the power utility can raise prices. The group is fighting for financial survival, with mounting debt, and a desperate need to cut costs. However, a decision to freeze wage hikes has upset unions, who want to retaliate through striking. [Business Live]
- President Cyril Ramaphosa says that one of the messages out of the G7 meetings held in Canada is that there is a keen interest in investing in South Africa. Ramaphosa said that the interest shown was in recognition of South Africa’s “new dawn”. [eNCA]
- Mineworker unions are getting ready for wage hike season, with some currently demanding a R12,500 monthly salary for workers. The biggest union, NUM, is reportedly seeking R10,500 for entry-level underground workers. The basic monthly minimum pay is currently around R7,600. [Bloomberg]
- DA leader Mmusi Maimane says the party isn’t bothered by new poll results showing a drop in support for the party. Research by Ipsos shows the party is polling at just 20% support. Maimane said the poll was a year ahead of an election, and was likely already out of date or based on old information. He said he was feeling confidence about the coming elections. [M&G]
- The rand dropped to its weakest levels since December 2017, on Friday, as the country’s economy and slowed and global investors shied away from riskier assets. On Monday, the rand was trading at R13.07 to the dollar, R17.52 to the pound and R15.42 to the euro.
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