5 things you need to know in South Africa today
·24 Aug 2016
Here’s what is happening in and affecting South Africa today:
- The SAPS special investigative unit the Hawks are tight-lipped on why they have summoned finance minister Pravin Gordhan to appear at their offices on Thursday. News broke on Tuesday that Gordhan and four other former SARS officials were summoned by the Hawks, reportedly to receive warning statements ahead of being formally charged. The news sent the rand diving by 3% against the dollar.
- Controversial SABC COO Hlaudi Motsoeneng has gone rogue, with reports coming in that the defiant head of the broadcaster lashing out at “dishonourable” MPs, saying he does not need to be accountable to Parliament. Motsoeneng’s rant came as ANC MPs back-tracked on plans to investigate the goings-on at the SABC.
- More and more middle class South Africans are edging towards the breadline, relying on credit facilities to get them through the month, a new report shows. It indicates that South Africans cannot maintain their current lifestyles due to the strained economy.
- South Africa’s rand plunged nearly three percent on reports that Finance Minister Pravin Gordhan had been ordered to report to a special police unit by the end of the week. On Wednesday morning, the rand was trading at R13.94 to the dollar, R18.37 to the pound and R15.75 to the euro.
- Oil prices fell early on Wednesday as an unexpected build in U.S. crude stocks weighed on markets, along with concerns that Chinese crude demand could falter as Beijing clamps down on alleged tax evasion in the oil industry. Brent crude was trading at $49.57 a barrel, down 39 cents, while U.S. crude was down 46 cents at $47.64 a barrel.
In global news: Asian stocks consolidated recent gains on Wednesday, helped by Wall Street’s rise overnight, even as oil prices slid after a surprise build in U.S. crude stocks.
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