5 things you need to know in SA business today
·6 Jul 2016
Here’s what is happening in South Africa and the markets:
- In a confusing move, the ANC has come out with a strongly-worded statement against SABC COO Hlaudi Motsoeneng, calling his policies of removing footage of protests from broadcast censorship, unconstitutional, and illegal. The party also wants communications minister Faith Muthambi to answer for the department’s support of said policies.
- Hopes that the post-Brexit world was starting to settle and recover were dashed on Tuesday and a fresh wave of fear over Britian’s decision to leave the EU hit the markets. The JSE took a knock, ending 1.5% lower, with the local property and banking indices also suffering. Analysts say market volatility will be around for a long time still.
- South Africa’s assets weakened on Tuesday as worries about the domestic and global economy and renewed fears over Britain’s vote to leave the European Union dented risk appetite. On Wednesday the rand was trading at R14.83 to the dollar, R19.16 to the pound and R16.41 to the euro.
- In global news: Asian share markets turned tail on Wednesday as fears over instability in the European Union returned with a vengeance, sending the pound to three-decade lows and hammering risky assets of all stripes. Stocks fell on Wall Street Tuesday following their best weekly performance of the year.
- Oil prices fell in Asian trading amid wider market turmoil set off by mounting concerns over the economic impact of Britain’s vote to leave the European Union. U.S. crude was down 23 cents at $46.37 a barrel, while Brent futures were down 18 cents at $47.78.
In other news: Oscar Pistorius is set to face sentencing today. The minimum sentence for murder in South Africa is 15 years, but analysts believe that mitigating circumstances, and Pistorius’ disability will get him a reduced sentence.
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