Business

5 important things happening in South Africa today

Luke Fraser

 ·19 Jun 2023

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

• BRICS coming: Following President Cyril Ramaphosa’s visit to Russia and Ukraine, the Presidency remains steadfast that South Africa will host the BRICS summit in August. Ramaphosa’s spokesperson Vincent Magwenya said the president must consult with his counterparts – the other BRICS nation leaders – before making any announcement. As per international law, South Africa would legally have to arrest Russia’s Vladimir Putin if he arrives in the country due to an arrest warrant issued by the International Criminal Court. [Business Day]

• Joburg water outage relief: Rand Water says a 58-hour planned water outage for this week has been delayed. The water outage was supposed to last from 07h00 on Tuesday, 20 June till 15:00 on Thursday, 22 June, with a further five days needed to fully restore the service. Rand Water spokesperson Makenosi Maroo said that planned maintenance had been postponed until further notice. [News24]

• Licence machine working again: South Africa’s only licence card printing machine is working again after being offline for three works for repairs, the Transport Department said. The backlog over the last five weeks currently stands at 350,000. However, the government assures motorists that it has a plan to address the backlog and that it should be cleared by the end of August. The machine is set to print roughly 120,000 cards per week [eNCA, News24]

• Western Cape floods: Western Cape officials are preparing for another cold front today following heavy rains and widespread flooding that has damaged infrastructure and claimed two lives. Anton Bredell, provincial minister pf Local Government, Environmental Affairs and Development Planning, said that the heavy rain is expected in the Cape Winelands and Overberg districts, with more flowing along rivers in the area. He added that the storm will generate wave heights between four and five metres between Alexander Bay and Plettenberg Bay. [SABC News]

• Markets: The rand saw minimal movement over the long weekend, remaining just above the R18.00/$. The rand has had a strong recovery over June, gaining roughly 7% against the dollar following record lows. Brian Kantor from Investec Wealth and Investment said that the US Fed’s decision not to push its own rates higher will likely improve the outlook for local interest rates, the economy and the rand. On Monday (19 June), the rand was trading at R18.24/$, R19.95/€, and R23.38/£. Brent crude is trading at $75.64 a barrel. [Business Day]