Business

5 important things happening in South Africa today

Staff Writer

 ·23 Oct 2018

Here’s what is happening in and affecting South Africa today:

• Eskom has applied for a 15% tariff hike every year for the next three years in a bid to boost revenues. This would be on top of the 4.1% increase already granted by the energy regulator to allow Eskom to claw back R30 billion owed to it. If granted, the increase will total almost 20%, effective April 2019. [ENCA]

• The first of what is expected to be many municipalities is knocking on the doors of VBS Mutual Bank, demanding its money back. Mahikeng local municipality is demanding the bank be liquidated and R84 million it invested be returned. Over 50 executives have been accused of looting the bank of R2 billion. [News24]

• Former SARS officials implicated in the so-called “SARS rogue unit” are launching a counter-offensive, initiating legal proceedings to get the National Prosecuting Authority to drop the charges against them – while also calling for investigations into the three prosecutors leading the case against them. [Business Day]

• Political parties are calling on finance minister Tito Mboweni to present a relief package for fuel prices as part of his mid-term budget speech – among calls for clarity on government’s stance on several issues. [EWN]

• South Africa’s rand and shares firmed on Monday as emerging markets were boosted by hopes of more economic stimulus from China. On Tuesday the rand was trading at R14.34 to the dollar, R18.60 to the pound and R16.43 to the euro.