5 important things happening in South Africa today
·18 Dec 2018
Here’s what is happening in and affecting South Africa today:
- Edcon Holdings is calling for calm after news of the company’s possible collapse has stoked fears of mass job losses. The company has stated that it’s close to announcing a deal to save the business, which would result in it only closing smaller stores. [eNCA]
- The SABC is in hot water again after a preliminary Special Investigating Unit (SIU) probe found that a R185 million SABC security tender was irregularly awarded. The findings could cast a shadow over the Ramaphosa administration’s drive to clean up the SABC, which has reported losses exceeding R1.5 billion over the past two financial years. [BusinessDay]
- The Eastern Cape is beginning to feel the effects of mass semigration. The province’s MEC for finance, Oscar Mabuyane, reports that more than 1.5 million people have migrated out of the province between 2006 and 2018. This has cost the province at least R13 billion with a recent budget adjustment estimating that R5.9 billion could be lost, he said. [City Press]
- Mop up operations are underway at the Sun City resort in the North West after a severe hail storm on Saturday afternoon caused damage to buildings and vehicles. Most of the damage was caused by flash flooding at the Sun Central family and entertainment precinct, while close to 200 rooms were affected across the resort’s five major accommodation sites. [SA News]
- South African markets were closed on Monday but could feel the pain when they reopen as both Asian and US markets continued to slide. On Monday, the rand was at R14.38 to the dollar, R18.16 to the pound and R16.31 to the euro.
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