5 important things happening in South Africa today
·19 Oct 2018
Here’s what is happening in and affecting South Africa today:
- Analysts are expecting president Cyril Ramaphosa’s economic stimulus package to feature prominently in the medium-term budget policy speech next week. A big part of the plan is to reprioritise R50 billion in the current budget – and it’s these details analysts anticipate to hear. [News24]
- VBS Mutual Bank is retrenching staff and looking to sell assets amid investigations into R2 billion being looted from the group. 94 staff members have reportedly signed retrenchment notices. [EWN]
- Home affairs minister Malusi Gigaba is to be pulled before the courts to explain how his department’s failure to pay a R67 million IT bill has ballooned to R794 million. The department failed to pay the bill for a new IT hub, which resulted in the company hired being forced to shut down, and lay off 150 staff. [IOL]
- Financial group Investec has acquired a stake in private college group Richfield Holdings. The group operates 40 campuses in the country, and says that the Investec investment will allow the group to expand even further. [Reuters]
- South Africa’s rand retreated on Thursday as minutes from the US Federal Reserve’s September meeting striking a hawkish tone bolstered the dollar and dampened some of the enthusiasm for emerging currencies. On Friday the rand was at R14.37 to the dollar, R18.71 to the pound and R16.47 to the euro.
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