Business

5 important things happening in South Africa today

Staff Writer

 ·27 Oct 2022

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

• Potential targets in Sandton: According to the US Embassy, a gay pride event and a two-week theatre show staged by Jewish comedian Nik Rabinowitz are potential targets of a terror attack in the heart of Sandton – prompting an urgent travel advisory issued by the embassy on Wednesday (26 October). However, minister of the presidency Mondli Gungubele has rejected the US government’s cautionary warning. He said SA followed up asking for evidence, but none was given. [News24]

• Load shedding continues: Power utility Eskom has given its latest load shedding update, laying out the expected schedule through to Sunday (30 October). Stage 4 load shedding will continue until Friday, it said, before dropping to lower stages for the weekend. The continuation of load shedding is necessary as emergency reserves are almost depleted, the group said. You can find the new load-shedding schedule here.

• Good news for taxpayers: Deloitte Africa’s Nwabisa Ruka said there was a positive message in the medium-term budget speech, as more than expected tax collections occurred due to good performance in the financial and mining sector and increased income tax collection. She added there is no indication of an increase in the tax rate in the short term, as the South African Revenue Service (SARS) is focussing on tax compliance to increase revenue collection rather than tax increases. [Daily Investor]

• Crumbling coalition: Ekurhuleni executive mayor Tania Campbell was ousted through a vote of no confidence on Wednesday, the latest casualty of the ANC’s campaign to remove the DA from power in Gauteng municipalities. Ekurhuleni council Speaker Raymond Dhlamini has 7 days to convene a council sitting to elect a new mayor. The reshuffle followed a fallout between the DA and PA in the City of Joburg, which resulted in the multiparty coalition splitting. [Daily Maverick]

• Markets: The South African rand strengthened on Wednesday (26 October), buoyed by the mid-term budget, which showed an improvement in the country’s fiscal outlook. Shares on the Johannesburg Stock Exchange rose, with the Top-40 and the broader all-share indexes increasing by 2.19% and 1.9%, respectively. The rand is trading at R17.95/$, R18.08/€ and R20.86/£. Brent crude is trading at $95.87 a barrel. [Nasdaq]