5 important things happening in South Africa today
·5 Sep 2018
Here’s what is happening in and affecting South Africa today:
- Following South Africa’s shock GDP figures for the second quarter of the year, Goldman Sachs has revised its economic outlook for the country downwards, from 2% to just 0.8%. Analysts have warned that the negative Q2 GDP figures could indicate further declines in Q3 and perhaps a full year recession. [Business Day]
- Former Steinhoff CEO Markus Jooste is expected before Parliament today – meanwhile, the criminal case against him has been delayed due to the South African Police Service allegedly dragging its feet. Steinhoff shareholders have been frustrated with the Hawks’ apparent reluctance to charge Jooste. [Bloomberg]
- Now that South Africa’s listeria crisis is over, Tiger Brands, which was at the centre of the outbreak, says it has exhausted investigations trying to figure out how the disease got into its factories. The company says that the source will likely never be found. The department of health said this week it is mulling legal action. [EWN]
- The Inkatha Freedom Party wants to open up the debate around bringing back the death penalty in South Africa for heinous and violent crimes. The party said it has written to the constitutional review committee, asking to initiate a national discourse on the matter. [702]
- South Africa’s rand fell as much as 3% on Tuesday as the economy slipped into a technical recession in the second quarter and missed economists’ expectations. On Wednesday the rand was trading at R15.34 to the dollar, R19.72 to the pound and R17.78 to the euro.
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