5 things you need to know in South Africa today
·25 Aug 2016
Here’s what is happening in and affecting South Africa today:
- A sense of unease is settling over the country as the battle between the Hawks and finance minister Pravin Gordhan intensifies. Gordhan has made it publicly known that he will not meet the Hawks today as was requested – while the investigative unit remains silent on its next move in the saga. The Hawks are accusing Gordhan of corruption, but have provided no evidence. Gordhan says the group has no case.
- The Gupta mining company, Tegeta Exploration and Resources, has threatened National Treasury with legal action, should the latter decide to release a report with the results of an investigation into Eskom’s contracts to the Democratic Alliance. The group claims that report would prejudice its business, and that it was not given room to comment. It warned that Treasury would “release it at (its) own peril”.
- A zero-percent hike in universities in possible – but only if officials stop corruption. This is according to finmin Pravin Gordhan, speaking in a debate with commentator Justice Malala. He said that cutting corruption by just 25% would give Treasury million of rands to spend on education in the country.
- South African assets slumped further on Wednesday after Finance Minister Pravin Gordhan said he would not appear before police who had requested him to meet them over an investigation into a suspected rogue spy unit in the tax service. On Thursday morning, the rand was trading at R14.16 to the dollar R18.73 to the pound and R15.96 to the euro.
- Crude prices dipped on Thursday as brimming U.S. and Asian fuel inventories returned investor attention to a large global supply overhang, cutting short a price-rally and restricting Brent crude futures to below the $50 a barrel mark. Given the oil price and exchange rate, the CEF sees the SA petrol and diesel price dropping by 35c and 63c respectively in September.
In global news: Asian stocks edged higher on Thursday but clung to recent well-worn trading ranges while the greenback held firm against regional currencies ahead of a speech by Federal Reserve Chair Janet Yellen at a global central bankers’ meeting.
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