5 important things happening in South Africa today
·23 Jan 2024
Here’s what is happening in and affecting South Africa today:
- Dodgy diesel at stations: An investigation by the Department of Mineral Resources and Energy has found that 70 filling stations across the country have been selling dodgy diesel to customers, which shows that some profiteers are cutting corners as petroleum prices continue to skyrocket. The watered-down diesel is allegedly mixed with illuminating paraffin. [News24]
- Government ‘malpractice’ probe: Two organisations, awarded almost R114 million in grants by the Gauteng Department of Social Development over the past two years, are under investigation as part of a probe into the department’s funding of non-profit organisations. The investigation has already led to several department officials being placed on “precautionary suspension”. [GroundUp]
- Cash-strapped Johannesburg to readjust its budget downwards Cash crunch could force the City of Johannesburg (South Africa’s largest and richest metro, which has a budget of R80.9 billion for the 2023/24 financial year) to ‘rebase’ its 2023/24 budget by R6 billion amid cash flow challenges dogging the country’s economic hub. The opposition are warning that this will directly affect service delivery. [BusinessDay]
- Leoka resigns from MTN, Amplats boards: Embattled economist Thabi Leoka has resigned as a non-executive director on the MTN and Anglo American Platinum boards. This is amidst allegations that she had lied about obtaining a PhD from the London School of Economics (LSE). [Daily Investor]
- Markets: The rand fell sharply last week and has yet to claw back lost ground, leaving it on the back foot. This comes as the U.S. currency firmed after investors dropped their expectations of a March interest rate cut by the Fed. On Tuesday (23 January), the rand was trading at R19.16 to the dollar, R24.45 to the pound, and R20.88 to the euro. Oil is trading at $79.93 a barrel. [Reuters]
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