5 important things happening in South Africa today
·8 Oct 2018
Here’s what is happening in and affecting South Africa today:
- Finance minister Nhlanhla Nene has reportedly offered to resign from his office, in the wake of revelations that he met with the Gupta family fairly regularly before the state capture scandal broke – as well as amid accusations that his son unduly benefitted from business arrangements with the PIC. [Bloomberg]
- Contrary to popular belief, worrying new data shows that the middle class in South Africa is actually shrinking, underpinned by the rising cost of living in the country. Data from The National Income Dynamics Study (NIDS) shows that the middle class is dropping from 20% of the population to 18% – and things are expected to get worse. [Mail & Guardian]
- Public enterprises minister Pravin Gordhan is the next big name whose testimony in the state capture commission is expected to draw a lot of attention. Gordhan is expected to testify this week, and will likely draw in former ministers, and give more insight into the forced nuclear deal. [TimesLive]
- The Zulu King is demanding assurances – in writing – that land expropriation without compensation will not impact his land. King Goodwill Zwelithini KaBhekuzulu has called on president Cyril Ramaphosa to provide documentation that land in his trust won’t be transferred over to the state. [eNCA]
- South Africa’s rand snapped a five-day losing streak on Friday after employment data in the United States disappointed dollar bulls and prompted fresh demand for emerging market currencies. On Monday the rand was at R14.80 to the dollar, R19.39 to the pound and R17.03 to the euro.
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