Business

5 important things happening in South Africa today

Staff Writer

 ·25 Aug 2020

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

Coronavirus: Global Covid-19 infections have hit 23.5 million confirmed, with the death toll reaching 810,000. In South Africa, there have been 1,677 new cases, taking the total reported to 611,450. Deaths have reached 13,159 (an increase of 100), while recoveries have climbed to 516,494, leaving the country with a balance of 94,956 active cases.

• Cellular looting: Investigations have uncovered widespread theft of airtime by unscrupulous wireless application service providers (WASPs), enabled by network operators like Vodacom, MTN and Cell C. These WASPs sign cellphone users up to subscription services without their permission, and siphon off small amounts of airtime each day from each person. Insiders suggest that these groups and the mobile networks have effectively stolen billion of rands this way, with little to no consequences. [MyBroadband]

• Second wave: Prof Salim Abdool Karim has warned that the current decline in Covid-19 numbers in South Africa isn’t an indication that the worst is over for the country – adding that the risk of a second wave is waiting in the wings, set to strike if people let their guard down and get complacent with preventative measures. The professor said the opposite was also true: that if the country adhered to social distancing and sanitsation guidelines, the virus could be defeated. [TimesLive]

• Lockdown devastation: Data published by Stats SA shows how the nationwide Covid-19 lockdown devastated industries in South Africa. Tourism was hardest hit with accommodation numbers dropping as much as 98%, and earnings declining 99% at peak. Motor sales dropped almost 50%, costing the industry R89 billion. The food and beverage industry – including restaurants and beverage makers – saw sales drop 97%, while freight also took a massive knock, reflecting the overall decline in economic activity. [Moneyweb]

• Security hole: The office of South Africa’s Information Regulator – established to enforce the country’s private information protection laws – says it is underfunded and unsupported by government, leaving a huge gap in protection efforts, which makes incidents like the Experian breach a worrying prospect for citizens. Lead, Pansy Tlakula, says that companies fined for breaking POPIA laws would likely opt to head to court, as they have deep pockets to fight rulings, while the regulator lacks funding and support. [Daily Maverick]

• Markets: South Africa’s rand rallied on Monday, helped by a risk-on mood on global markets after US regulators approved a treatment for Covid-19 patients. Markets latched onto the US Food and Drug Administration’s “emergency use authorisation” for the use of blood plasma from patients who have recovered from Covid-19 as a treatment for the disease. On Tuesday, the rand was trading at R16.92 to the dollar, R22.16 to the pound and R19.98 to the euro. Commentary by Reuters. [XE]