5 things you need to know in South Africa today
·4 Jul 2016
Here’s what’s happening in South Africa and the markets:
- Former acting SABC CEO Jimi Matthews has made damning allegations about the censorship practises of the state broadcaster, including giving an account of how it is run under the cult of personality around COO Hlaudi Motsoeneng, and how the decision was made to cut coverage of the EFF under orders from senior ANC officials.
- The department of energy has announced the official petrol price changes for July 2016, saying that the price of petrol will rise by 11 cents to R13.34 rand per litre in Gauteng, while the wholesale price of diesel will go up by 42 cents to R11.70 rand per litre.
- South Africa’s currency and stocks firmed alongside other emerging market assets on Friday as investors bet that leading central banks would keep rates low to minimise the damage to the global economy after the Brexit. Stocks edged higher. On Monday the rand was trading at R14.57 to the dollar, R19.38 to the pound and R16.23 to the euro.
- In global news: Asian shares shrugged off early losses and edged higher on Monday, while the Australian dollar was under pressure after no clear winner emerged from a weekend election. Activity across much of the region was subdued ahead of the U.S. Independence Day holiday, when financial and commodity markets will be closed.
- Crude prices extended gains on Monday in Asia, supported by comments from the Saudi energy minister saying the oil market is heading towards balance. Brent crude futures were trading at $50.31 per barrel, almost unchanged from their last settlement. U.S. crude was down 5 cents at $48.94.
In other news: Violence continues at the Mall of Africa, over a month after it opened. This past weekend, two people – believed to be taxi drivers – were shot and killed outside the mall. The violence is understood to be about the lucrative taxi route around the mall and the immediate area.
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