Business

5 important things happening in South Africa today

Staff Writer

 ·16 Feb 2022

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

Coronavirus: In South Africa, there have been 2,364 new cases of Covid-19, taking the total reported to 3,645,269. Deaths have reached 97,431 (+181), while recoveries have climbed to 3,511,001, leaving the country with a balance of 36,837 active cases and a recovery rate of 96,3%. A total of 30,701,325 vaccines have been administered.

• City of Tshwane utility cuts: The Gautrain says it will approach the high court for an urgent interdict to force the City of Tshwane to restore water and electricity to the Hatfield Gautrain Station, claiming that the municipality wrongfully terminated access to these services. The rail system has managed to remain operational despite the cuts. The city has come down hard on its debtors over the last week, cutting off utilities in a bid to force them to pay their outstanding bills. Some notable debtors include the South African Revenue Service and Police Service. The city wants to recover R5 billion by the end of the year. [Moneyweb]

• Electricity pricing: The Energy Department’s draft electricity pricing policy aims to shake up how South Africans and businesses in the country pay for power. The policy looks at the unbundling of Eskom and how this will affect pricing, with a big push for ‘cost-reflective’ fees. We have not yet reached cost-reflective pricing despite double-digit increases in SA electricity prices. It is also expected that fees will be charged across the generation, transmission and distribution companies – including for businesses and households who are mostly self-sufficient or generate their own power. Costs will need to be paid to connect to the national grid, even if it’s just for backup power. [News24]

• State capture: The second volume of Judge Raymond Zondo’s report on State Capture advises the National Prosecuting Authority to consider prosecuting more than 20 people and multiple state-owned enterprises (SOEs). The report argues that the individuals and firms involved in the national corruption project were conscious of the fact and deserving of condemnation. The NPA says that its primary focus will be corruption over the next six months. However, it says it won’t be targeting politicians unless there is strong evidence to back a prosecution. [Daily Maverick, ENCA]

• Zuma arms deal: The Pietermaritzburg High Court will pronounce whether ex-president Jacob Zuma can appeal its dismissal of his special plea to be acquitted on the arms deal corruption charges and to have state prosecutor Billy Downer removed from his position. This ruling will be a verdict on the success of another attempt to stall a trial that has been in the making since 2004. The National Prosecuting Authority has argued that Zuma’s reservations about the process’s fairness could be raised in the actual trial. Zuma faces several charges of corruption, racketeering and fraud. [Mail&Guardian]

• Markets: The Russian Defence Ministry stated that some troops would return to their bases off the Ukraine border; however, the extent of Russia’s pullback is not clear. Tensions surrounding Russia and Ukraine continue to spike oil prices to 2014 highs, with the West Texas Intermediate reporting an increase from $2,40 to $95,50 a barrel. The rand remains resilient, trading at R15,07/$, R17,11/€ and R20.42/£. [Nasdaq]