5 important things happening in South Africa today
·17 Sep 2018
Here’s what is happening in and affecting South Africa today:
- South Africa’s banks are expected to give their testimony today for why they shut down Gupta accounts in the wake of the state capture scandal. Commercial banks will make presentations to the Zondo Commission on state capture. [IOL]
- Eskom’s coal crisis has deepened, according to energy expert Chris Yellend, who says that the power utility requires an additional 1.3 million tons of coal a month to return stations to required stock levels – while emergency plans to truck the coal have stalled. [Daily Maverick]
- While there are still major concerns around state companies, ratings firm Moody’s believes that the worst is behind South Africa and remains fairly upbeat about the country’s prospects. The group said last week that its doubtful that South Africa will be downgraded to junk status any time soon. [Moneyweb]
- DA insiders were reportedly left stunned after DA leader Mmusi Maimane announced his nomination to replace Helen Zille as premier of the Western Cape. The move has been seen as controversial, and side-stepping official processes. Maimane’s office says the nomination is not set in stone. [Times Live]
- The rand enjoyed gains against the dollar last week, despite some profit-taking on Friday, after Moody’s signalled it was unlikely to strip South Africa of its last investment grade credit rating this year. On Monday the currency was at R14.95 to the dollar, R19.55 to the pound and R17.39 to the euro.
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