5 important things you need to know about today
·14 Jun 2016
Here’s what is happening in SA:
- Eskom is paying more for coal from Gupta-owned Tegeta Exploration than the parity export price in South Africa. Removing all transport costs from the price of coal exported at Richards Bay, the country exports at R220 a tonne, BDLive said – while Tegeta is selling its coal to Eskom at a reported R470-R510 a tonne, before transport costs are factored in.
- New data from the Institute of Race Relations shows that South Africa has one of the highest rate of protests in the world – and more than half of them turn violent. Protest action is highly disruptive, leading to civil unrest while also damaging the economy. The IRR has called for measures to be put in place for unhappy citizens to turn to rather than taking to the streets.
- South Africa’s rand firmed more than one percent against the dollar on Monday as the unit recovered from a sharp fall in the previous week, although traders said the rally would be short lived as uncertainty tamed appetite for the currency. On Tuesday, the rand was trading at R15.21 to the dollar, R15.21 to the pound and R17.15 to the euro.
- In global news, Asian stocks slipped on Tuesday ahead of the US Federal Reserve’s two-day meeting that begins later in the day, amid growing worries this month’s referendum in Britain could see it exit the European Union. Wall Street stumbled for a third straight session on Monday as tech stalwarts Microsoft and Apple dragged on indexes and investors braced for major economic and political events in the United States and Europe.
- Crude oil futures fell in Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain’s possible European Union exit. Brent crude oil futures slipped below $50 a barrel, falling 44 cents to $49.91, while US crude was down 47 cents, at $48.41 a barrel.
In other news: The South African firefighters who were sent to aid Canada earlier this month have returned home, with their wage dispute unresolved. The firefighters went on strike in Canada, demanding pay in line with their Canadian counterparts. The group now faces a disciplinary hearing.
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