5 important things happening in South Africa today
·24 Dec 2018
Here’s what is happening in and affecting South Africa today:
- Eskom says that it will reduce its executive management to 10 from 21, according to an internal memo seen by Reuters. The move is part of Eskom’s plan to reduce costs as the company’s cash-flow problem deepens. [Reuters]
- The draft land expropriation bill has been released for public comment. Under the bill, land can be taken without pay if it’s occupied or used by a labor tenant, if it’s held for purely speculative purposes, belongs to a state-owned company, where the owner has abandoned it. [Bloomberg]
- A consortium of local and international investors have made an offer to loan SAA R21 billion in return for a 51% stake in the company – however government is not biting. Opposition parties say the loan offer maybe too good to be true. [City Press]
- Former president Jacob Zuma says he should not pay his own legal fees, and will appeal the High Court ruling that says he must. He said the law needed to be applied fairly, and the state should pay his legal fees because it paid for the fees of former apartheid leaders who were charged in the past. [eNCA]
- South Africa’s rand was on course on Friday for a gain on the week despite the dollar’s bounce, as markets remained wary of pushing the greenback higher with the threat of a US government shutdown and lower bond yields weighing on sentiment. On Monday the rand was at R14.53 to the dollar, R18.43 to the pound and R16.55 to the euro.
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