Business

5 important things happening in South Africa today

Staff Writer

 ·11 Oct 2022

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

• SA economy can’t afford Transnet strike: Business lobby groups have warned that disruptions from the Transnet strike could be as bad as load shedding and worse than the Covid-19 lockdown. 60% of SA’s GDP relies on imports and exports in some regard, and the Minerals Council forecasts a revenue loss of R50 billion this year for iron ore, coal, chrome, ferrochrome, and manganese exporters. At the same time, Kumba Iron Ore warned that disruptions would impact approximately 50,000 tons per day of production for the first week and about 90,000 tons per day after that. [News24]

• Cape Town becoming a killing capital: Director of the African Centre for Security and Intelligence Praxis, Eldred de Klerk, says that Cape Town is developing a reputation as a murder capital. This is because gang violence, syndicates and organised crime have caused in excess of 10 deaths in the last few days. Nine people were killed in Vrygond, two in Camps Bay and another two were shot and killed in their car in the Grassy Park area. [EWN]

• Health Department disputes its audit discrepancy: Auditor-general Tsakani Maluleke said she could not obtain sufficient audit evidence for R2.079 billion in accrued revenue the department had attributed to Covid-19 vaccines for 2021/2022. However, deputy director-general for National Health Insurance, Nicholas Crisp, said that the discrepancy is due to complicated financial reconciliation payments involving private medical aid schemes and that it will take several more months to finalise. He added that he is confident that the numbers will tally at the end of the process. [BusinessLive]

• Eskom in court over R16 billion tender: Babcock Ntuthuko Engineering wants a new R16 billion tender awarded to two other firms last December to be re-adjudicated. Babcock claims that Eskom unfairly disqualified the firm from the tender over a misinterpreted requirement for a welding certificate and that one of the two companies awarded the tender did not score the highest points in the bid. Babcock wants the court to either set aside the or the firm’s disqualification. [News24]

• Markets: South Africa’s rand remained relatively flat in early trade on Monday, mirroring the US dollar’s moves versus major currencies. The rand is currently trading at R18.14/$, R17.57/€ and R20.01/£. Brent crude is trading at $95.83 a barrel. [Nasdaq]