Business

5 important things happening in South Africa today

Staff Writer

 ·12 Mar 2021

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

Coronavirus: Global Covid-19 infections have hit 119.1 million confirmed, with the death toll reaching 2.64 million. In South Africa, there have been 1,474 new cases, taking the total reported to 1,525,648. Deaths have reached 51,110 (a daily increase of 95), while recoveries have climbed to 1,447,503, leaving the country with a balance of 27,035 active cases. The total number of vaccines administered is 138,014.

• Eskom: While the government wants the private sector to participate in energy production in South Africa, it’s hands-off for Eskom, with Public Enterprises minister Pravin Gordhan saying privatisation is not on the cards for the struggling power utility. Opposition parties have said that the power utility needs to move away from state ownership to private-partnerships, so that it can increase its capital base and become more competitive and efficiently-run – instead of stumbling from blackout to blackout. [News24]

• No pilots: SAA is in desperate need of specialists to train pilots – after it locked out professionals who have these skills. As part of its business rescue plans, the airline has significantly cut is pilot roster, which has led to disputes with the SAA Pilots Association (Saapa). Saapa pilots have been locked out of the airline over the dispute, and have received no salaries since December. Attempts to replace these pilots has been met with resistance from Saapa’s legal team, who says it goes against the Labour Relations Act. [Moneyweb]

• FeesMustFall: Student protests in South Africa have escalated and spread to other provinces in the country. Students have been protesting fee and administration issues this week, with the action starting at Wits University. However, things escalated on Thursday when police shot and killed a bystander at the protests. Students were joined by ANC leaders in protesting against the ANC-run government’s failure to uphold the ANC’s promise of free education. The demonstrations have continued on Friday, with a more muted police presence. [ENCA]

• State capture: Those accused of corruption and state capture are lashing out at the state capture commission, accusing it of making up allegations. This time, Gupta-associate Salim Essa is claiming the commission is defaming him and naming him in matters he says he has nothing to do with. However, Essa has repeatedly been named in testimony from witnesses, the latest being former Transnet CEO Siyabonga Gama who said he was taken by Essa to meet the Guptas. [TimesLive]

• Markets: Emerging market currencies rallied this week as inflation fears dissipated and bond yields dropped. This saw the rand gaining back significant ground, dipping below the R15.00/$ mark as risk appetite soared. Markets are keeping an eye on EU GDP today. The rand starts the day at R14.90 to the dollar, R17.84 to the euro and R20.84 to the pound. [Citadel Global]