5 things you need to know in South Africa today
·12 Jul 2016
Here’s what is happening in and affecting South Africa today:
- The SABC says it won’t implement Icasa’s order to reverse its policy on censoring violent protests in its news broadcasts. A defiant COO Hlaudi Motsoeneng told media that the group would not be influenced by anyone, internally or externally. Icasa, however, said that failure to comply could result in the SABC losing its licences.
- Manufacturing data set to be released today is expected to show more slowdown in South Africa’s biggest sectors, pushing the country closer to a technical recession. However, the global economy has improved, pulling South Africa up along with it. The JSE is expected to show another day of gains, recouping some losses from the Brexit vote which tanked markets.
- South Africa’s assets strengthened on Monday, following improved global risk sentiment as expectations grew that rates would remain low in leading economies. On Tuesday the rand was trading at R14.38 to the dollar, R18.80 to the pound and R15.93 to the euro.
- In global news: Asian stocks rose to a 2-1/2-month peak on Tuesday, a day after Wall Street shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus from global policymakers. The S&P 500 on Monday broke the record high it held for more than a year.
- Oil futures rose on Tuesday as an interruption in Iraqi crude loadings at Basra threatened to tighten supplies, but prices held close to two-month lows hit in the previous session as investors continued to slash their bullish bets. Brent crude was trading at $46.39 per barrel, up 14 cents, while U.S. crude was up 11 cents at $44.87 a barrel.
In other news: Twin brothers were arrested on Monday for allegedly planning to bomb a US mission and other Jewish institutions in South Africa. The two were reportedly planning the terror attacks on behalf of the terrorist organisation, Islamic State.
Loading ...