5 important things happening in South Africa today
·1 Aug 2018
Here’s what is happening in and affecting South Africa today:
- President Cyril Ramaphosa has announced that the ANC will move to change South Africa’s constitution to make land redistribution without compensation a reality. The announcement has been called premature, as Parliament is still investigating the laws, and part of the ANC’s election campaign. [Bloomberg]
- After load shedding on Tuesday evening, Eskom has warned that similar blackouts could occur on Wednesday morning during peak times. Eskom has been forced to reinstate load shedding after illegal strikes by its workers left stations damaged and power supplies strained. [eNCA]
- The Competition Commission says it has gone beyond what is required by law in detailing charges against 23 banks it accuses of being involved in collusion. It was accused this week by Investec of being vague in its charges – however, the CompCom said this was just a delaying tactic being used by the banks. [Mail & Guardian]
- While cutting the fuel levy by R1 per litre will wipe R23 billion from the budget, civil action group Outa says that stamping out corruption will more than make up for it. Outa has called for an investigation into the Road Accident Fund, which it has accused of maladministration. [EWN]
- South Africa’s rand raced to a seven-week high against the dollar on Tuesday bolstered by data showing a better than expected trade surplus in June, while stocks ended higher. On Wednesday, the rand was lower on Ramaphosa’s land announcement, trading at R13.34 to the dollar, R17.45 to the pound and R15.58 euro.
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