5 important things happening in South Africa today
·2 Oct 2018
Here’s what is happening in and affecting South Africa today:
- Suspended SARS commissioner Tom Moyane says he is the best commissioner in democratic South Africa, and has accused president Cyril Ramaphosa and minister Pravin Gordhan of waging a personal war against him. Moyane has applied for direct access to the Constitutional Court in a bid to halt disciplinary proceedings against him, on the charges of mismanagement and maladministration. [TimesLive]
- On top of the massive petrol price hitting at midnight tonight, analysts have warned that the knock-on effect will hit consumers even harder. On the back of a R1 hike in the petrol price, retailers are expected to hike shelf prices of goods as price increases ripple through the value chain. [702]
- Finance minister Nhlanhla Nene is expected give more details on how he met with the Guptas in ‘secret’ meetings during his time as deputy finance minister, as well as his first term as finance minister. Nene will be testifying at the state capture commission. [Business Day]
- The Auditor General has raised concerns around Sanral and its ability to remain a going concern. The group published its financial report for the 2017.18 financial year, showing a narrowed loss of R260 million. However, it has hit a stumbling block with e-tolls and future work on the Gauteng freeway plan, with no word from government on a path forward. [IOL]
- South Africa’s rand weakened on Monday as a recent rally gave way to a resurgent dollar boosted by climbing US treasury yields and a dip in risk demand, as trade war concerns resurfaced. On Tuesday the rand was at R14.28 to the dollar, R18.60 to the pound and R16.50 to the euro.
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