Business

5 things you need to know in South Africa today

Staff Writer

 ·27 Jun 2016

Here’s what is happening in the country and the markets:

• EFF leader Julius Malema has told supporters in KwaZulu Natal that they should occupy land illegally, and should not feel ashamed about it. He told supporters that white people cannot claim ownership of land, and that it belongs to the black majority – adding that even if whites worked the land, they still have no claim to it.

• Heads are starting to roll for the recent spate of violent riots in Tshwane, with the SACP suspending 5 of its members for their involvement. The ANC has meanwhile tried to distance itself from the mess, rather seeking to place the blame for the riots on outside elements. The SACP has in recent months broken ranks with the ANC and Cosatu on a number of important issues.

• South Africa’s rand clawed back some of its losses against the dollar after falling heavily earlier on Friday as Britons voted to quit the European Union, stunning emerging markets. Shares in companies with exposure to Britain suffered, but gold stocks soared in tandem with the metal’s price which surged as much as 8%. On Monday the rand was trading at R15.19 to the dollar, R20.35 to the pound and R16.76 to the euro.

• In global news: Asian stocks fell and the British pound tumbled more than 2 percent on Monday as markets struggled to shake off deep uncertainty sparked by Britain’s decision to leave the European Union. U.S. stock index futures eased slightly in early trading on Sunday after Britain’s vote to leave the European Union sparked a sharp sell-off in global markets on Friday, wiping out over $2 trillion from world equities.

• Oil prices dropped on Monday, extending sharp declines after Britain’s vote to leave the European Union sparked a sharp selloff in global markets on Friday. Brent crude futures were down 15 cents at $48.26 a barrel, after settling down $2.50, or 4.9 percent, at $48.41 on Friday. U.S. crude was down 25 cents at $47.39 a barrel, after closing down $2.47, or 4.9 percent, on Friday.

In other news: Journalists suspended from the SABC for refusing to adhere to the broadcaster’s censorship policy will take the group and its COO Hlaudi Motsoeneng to the Constitutional Court.