Business

5 important things happening in South Africa today

Staff Writer

 ·11 Mar 2019

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

• A new report details how former president Jacob Zuma used the State Security Agency to spy on president Cyril Ramaphosa, and other groups with an anti-Zuma stance. The report noted that many of these instances were illegal and unconstitutional. [Mail & Guardian]

• The SA Post Office wants to move past its outdated methods of delivery and is considering new technologies such as drones. The group acknowledged that it has fallen behind the times, and lost its position to courier companies. [Moneyweb]

• Aspen Pharmacare’s share prices plunged over 50% as investors pull out of the group which is facing mounting debt. Investors are also concerned the business is panic-selling core items, such as the formula business. [Bloomberg]

• No South Africans were reported to be on the Ethiopian Boeing 737 that crashed with 157 passengers on board on Sunday. The Nairobi-bound plane crashed shortly after taking off, killing all on board. [ENCA]

• South Africa’s rand firmed on Friday, recovering from a nine-week low after sluggish US employment data pushed the dollar lower and saw demand for emerging markets return. On Monday the rand was at R14.43 to the dollar, R18.72 to the pound and R16.21 to the euro.