Business

5 important things happening in South Africa today

Staff Writer

 ·31 May 2019

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

• The elections and the president’s cabinet appointments are done – now what? Attention now moves to the big issues gripping South Africa, with land reform being described as a make-or-break moment for the country, while businesses look to new ministers for action. Eskom, unemployment and low growth need to be addressed urgently – with ratings agencies watching closely on the sides. [Media24]

• The Gauteng High Court has ruled against the EFF in a defamation case brought by former minister Trevor Manuel. The court found that the EFF made defamatory comments against Manuel with no proof, and said the party must apologise to him and pay him R500,000 in damages. The EFF has applied for leave to appeal, saying the ruling stifles freedom of speech. [Business Day]

• The office of the public protector says that president Cyril Ramaphosa is well within his rights to reappoint Pravin Gordhan to government, despite a PP report finding that he had acted unconstitutionally. Deputy PP Kevin Malunga said that there has been no criminal finding against the minister, and noted that he is taking report on review, within the appropriate legal processes. [ENCA]

• While US president Donald Trump escalates his international trade war, back home certain industries are pushing for similar reforms. Most notably, the local poultry industry is pushing for higher tariffs in chicken imports, saying that the local producers need to be protected from lax rules that allow the dumping of cheap meat. For consumers, however, this could see prices shoot up by 30%. [CNBC Africa]

• The South African rand weakened late on Thursday, giving back gains after President Cyril Ramaphosa’s new cabinet retained familiar faces in key positions, including Tito Mboweni as finance minister. On Friday the rand was at R14.82 to the dollar, R18.62 to the pound and R16.50 to the euro.