Business

5 important things happening in South Africa today

Staff Writer

 ·16 Apr 2019

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

• South Africa’s electricity crisis is anything but under control, delegates at a power summit heard this week, with advisors to Western Cape premier Helen Zille saying that Eskom is beyond saving. The summit is being held to get a grasp on the ongoing power crisis, including the effects of load shedding. [Times Live]

• An investigation into the relationship between SARS and the Guptas has recommended that the revenue service’s suspended head of legal face disciplinary action and formal charges be laid against her. The legal head is accused of signing off on VAT refunds to the Guptas, contrary to recommendations. [News24]

• Electioneering by Joburg mayor Herman Mashaba in Alexandra has been met with a cold reception and criticism from residents, who booed at him as he tried to address crowds in the township. Mashaba accused president Cyril Ramaphosa of lying to residents in promising to deliver 1 million houses. [EWN]

• Bids for large portions of the Maboneng precinct in Johannesburg raised just short of R110 million at auction, with the highest bid coming in at R32 million. The properties went under the hammer in the wake of developer, Propertuity, being liquidated. [Moneyweb]

• South Africa’s rand and stocks were slightly weaker at the start of a shortened week on Monday tracking a downbeat tone in major overseas markets while some investors stayed on the sidelines ahead of next month’s elections. On Tuesday the rand was at R14.07 to the dollar, R18.41 to the pound and R15.90 to the euro.