5 things you need to know in South Africa today
·5 Jul 2016
Here’s what is happening in South Africa and the markets:
- The campaign against SABC COO Hlaudi Motsoeneng is set to continue into the week, with protesters planning to get to action between Wednesday and Friday. This time, they are targeting advertisers, trying to get them to hit the SABC where it hurts. The groups are fighting against Motsoeneng’s control over the public broadcaster, and his policies of censorship.
- Investec CEO Stephen Koseff has seen his pay increase by 10% to GBP4.36 million – over R84.6 million rand. He has been head of Investec for 20 years, the longest-running CEO in the sector, and the only one being paid in pounds. Earnings at the bank increased 6%, while dividend payouts increased by 5%.
- South Africa’s rand reached its strongest in more than a week to the dollar on Monday, and was still on track to recoup the losses suffered after Britain voted to exit the European, leading to a global risk sell-off. Stocks were firmer for a fourth straight session, boosted by resources companies. The rand is at R14.67 to the dollar, R19.41 to the pound and R16.32 to the euro.
- In global news: Asian shares snapped a five-day winning streak on Tuesday as investors took stock of a rally driven by hopes that central banks will provide more stimulus to offset a likely downturn triggered by Brexit. The major U.S. stock indexes rose modestly on Friday, for a fourth straight day of gains, helped by encouraging U.S. manufacturing data.
- Crude prices dipped in early trading on Tuesday, with Brent falling back below $50 per barrel as economic concerns took centre stage with many analysts saying oil demand will stall later this year. International benchmark Brent crude oil futures were trading at $49.95 per barrel, down 15 cent. U.S. crude futures were down 39 cents at $48.60 a barrel.
In other news: Despite objections from the Mandela family, the DA will continue to air its advert using the former president’s voice. The party said Mandela’s vision is what the party stands for today. The Mandela family said that the association of Mandela to the DA was an insult to history.
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