Business

5 important things happening in South Africa today

Staff Writer

 ·5 Aug 2019

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

• Public Protector Busisiwe Mkhwebane says that president Ramaphosa is playing favourites in his defence of public enterprises minister Pravin Gordhan, evidenced by the fact that he hasn’t applied the same level of defence for her reports on other ministers like Des van Rooyen or Lynne Brown. Van Rooyen and Brown have been fingered as key players in State Capture. Mkhwebane has released at least 4 reports against Gordhan on matters a decade old. [EWN]

• The SABC is set to release a report on editorial interference at the broadcaster, which follows accusations that the public company was used as a political tool against other political parties, and there was an exchange of favours. The EFF was one of the big complainants in the probe, saying that the SABC marginalised the party and didn’t give it fair coverage. [News24]

• MTN and Cell C have reportedly developed an emergency contingency plan to keep the latter’s subscribers connected in case it goes bankrupt. While details about these plans remain sketchy, it is understood that they include keeping Cell C subscribers connected if the operator can no longer serve them. Cell C is under severe financial pressure and has been forced to delay its debt payments and hire consultants to probe its business practices. [MyBroadband]

• Zulu King Goodwill Zwelithini has voiced his anger at a proposal to dissolve the Ingonyama trust – the trust that holds about 30% of KwaZulu Natal’s rural land on behalf of its trustees (where the king is the only trustee). The recommendation was made by the presidential panel investigation land expropriation in South Africa. King Zwelithini called it an attack on his kingdom, and warned his subjects that they would end up paying rates and taxes if the land was taken. [IOL]

• After cutting through the R14.80/$ support level, there seems so be no end in sight for the ZAR’s woes as it continues to weaken with ease, says Bianca Botes, Treasury Partner at Peregrine Treasury Solutions. The trade war remains the focus point for the time being. On Monday the rand is trading at R14.85 to the dollar, R18.05 to the pound and R16.53 to the euro.