Business

5 important things happening in South Africa today

Staff Writer

 ·13 Dec 2022

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

• Impeachment decision: MPs in the National Assembly will vote on whether parliament adopts the findings of the Section 89 panel’s report on president Cyril Ramaphosa’s Phala Phala scandal on Tuesday. Ramaphosa’s critics and opponents require a simple majority of 201 votes to adopt the report. MPs will not be allowed to vote by secret ballot after National Assembly Speaker Nosiviwe Mapisa-Nqakula declined requests to hold a secret ballot for the second time [News24]

• 20% electricity tariff unlikely: Independent energy analyst Clyde Mallinson says that he does not expect Nersa to approve of an electricity tariff increase of over 20% when it meets later this week and will try to find a balance between Eskom’s requested increase and inflationary pressures. Moreover, Mallinson noted that a tariff increase would ultimately decide the size of Eskom’s bailout – a higher tariff means a smaller bailout from the government and vice versa. [Businessday]

• KZN and Gauteng flooding: Human Settlements Minister Mmamoloko Kubayi says that areas in Tshwane and Ekurhuleni have been put on high alert for possible heavy rains. This comes after Gauteng was subjected to severe storms this past week, leading to widespread flooding, possibly leaving 2,000 households without overnight shelter. While disaster management teams have also been placed on high alert in KZN in case the region faces a second flood disaster this year. [EWN, EWN]

• NHI legal challenges: Minister of Health Joe Phaahla said that significant progress had been made in processing the National Health Insurance (NHI) Bill after the Covid-19 pandemic postponed work. However, Phaahla noted that his department is already facing numerous legal challenges from right-wing organisations, and he expects further litigations when the matter is taken to parliament. [BusinessTech]

• Markets:  The rand slipped slightly on Monday. The rand, which is highly vulnerable to US monetary policy outlook and global investor sentiment, dropped as concerns that the US Federal Reserve could keep rates higher due to signs of continuing inflationary pressures. The rand could also be set for significant movements today as parliament decides how to deal with Phala Phala report this evening. On Tuesday (12 December), the rand was trading at R17.58/$, R18.54/€, and R21.58/£. Brent crude is trading at $79.13 a barrel. [Moneyweb]