Business

5 important things happening in South Africa today

Staff Writer

 ·7 Jul 2017

Here’s what is happening in and affecting South Africa today:

• Former Gupta PR firm Bell Pottinger has apologised for work it did for the controversial family in South Africa, and has fired four people including a senior partner for what it says was misleading management on the nature of the work done in the country. The firm received backlash from South Africans for aiding the Guptas’ ‘white monopoly capital’ message and spreading racial hatred in the country.

• The South African Chamber of Commerce & Industry has released its business confidence index for May 2017 showing a small pickup in confidence climbing to 94.9 points. The group said South Africa’s market has remained resilient despite the unpredictable economy – but with the index below 100, it still has a long way to go before showing signs of recovery.

• The international criminal court has found that South Africa shirked its responsibilities by failing to arrest Sudanese President Omar Al-Bashir  – and analysts say this is a massive black mark on the country’s image. South Africa is often heralded as a leader in morality and justice, however this is now under serious question. The DA says the ICC ruling is an indictment against the ANC.

• Absa bank has been granted an interim order against Black First Land First after the Gupta defence group assaulted a customer at one of the bank’s branches. The incident followed a court session where the South African National Editor’s Forum tried to get an urgent order to prevent BLF from intimidating journalists. BLF is known to turn up at any event or even private homes to threaten and intimidate anyone who speaks out against the Gupta family or their partners.

• The rand weakened on Thursday as investors fretted over policy uncertainties including the independence of the South African central bank, although traders eyeing short positions and betting on further weakness helped it claw back some ground. On Friday the rand was trading at R13.42 to the dollar, R17.42 to the pound and R15.33 to the euro.