Business

5 important things happening in South Africa today

Staff Writer

 ·9 Sep 2022

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

• Licencing corruption: Civil action group Outa says that corruption at South African traffic departments is continuing unabated, with officials being bribed, the booking system exploited, and dodgy dealings taking place between the departments and driving schools. These issues have persisted in the country through all the measures the government has tried to implement to counter them. The corruption is so entrenched that it has almost been formalised, with specific price points and processes. [702]

• Load shedding: Insurer Sanlam says that claims for load shedding now exceed those for burglaries in South Africa, with rolling blackouts causing damage to household appliances and industrial equipment. Crime in South Africa is also rising, but the persistent power crisis is ending up far more damaging. The country recently experienced weeks of high-level load shedding and is currently once again on a blackout schedule. [News24]

• Bus strike: Bus group Putco says it will fire more workers if illegal strikes continue. The group this week fired 105 drivers for taking part in unsanctioned strike action, which is now going into its ninth day. Drivers were given until the close of business on Wednesday to present written submissions explaining why they shouldn’t be fired. Nine hundred of the over 1,000 workers made submissions. Putco has been granted two court interdicts preventing workers from striking and stopping them from blocking roads. [EWN]

• Joburg mess: Joburg’s shaky coalition government is facing more obstacles as it fights an apparent power grab by COPE, whose single member has declared herself acting speaker in the council. The lone councillor, who got in on a proportional representation vote, has reportedly been offered the position by the ANC, which is trying to regain power in the city. It is expected that the ANC and other minority parties will force change in the council by voting out DA mayor Mpho Phalatse in September. [Daily Maverick]

• Markets: South Africa’s rand weakened on Thursday, as the US dollar rose after the Federal Reserve reiterated a hawkish tone. SARB data showed that South Africa’s current account balance dipped to a deficit of 1.3% of GDP in the second quarter from a surplus of 2.4% in the first quarter. Consumer confidence improved in the third quarter, but consumer sentiment remained “extremely depressed” amid rising inflationary pressures. On Friday, the rand was at R17.41/$, R17.52/€ and R20.16/£. Brent crude is trading at $89 a barrel. [Reuters]