5 important things happening in South Africa today
·7 Sep 2017
Here’s what is happening in and affecting South Africa today:
- ANC treasurer general Zweli Mkhize has opened himself up for nomination to be the next president of the party (and likely the country). Mkhize has long been seen as the ideal ‘compromise’ candidate, filling the gap between two extremes seen in Ramaphosa and Dlamini-Zuma. Mkhize wants to fight corruption and restore the image of the ANC.
- Business confidence in South Africa has hit its lowest point in 32 years, according to the Sacci monthly business confidence index (BCI). Sacci said that sentiment in the country is extremely negative, and the data shows that confidence levels are well below even when the world was in a global economic crisis.
- South African home owners who were forced to pay off the municipal debts of those who previously owned their property, are now looking for ways to get a refund from the municipalities in question. A recent Constitutional Court ruling found that new owners are not liable for previous owners’ debts. Debt specialists are now leading the charge to get money back on behalf of clients.
- The country’s largest retailer, Shoprite, has been fined R1 million for reckless lending practices. According to the National Consumer Tribunal, Shoprite failed to assess properly whether consumers could afford its loans. It has been ordered to pay the fine, and also appoint a debt counselor at its own cost.
- South Africa’s rand rallied to its firmest in two-and-a-half months on Wednesday as rising tensions between North Korea and United States lifted gold prices, further boosting a local currency buoyant after the economy shook off recession. On Thursday the rand was at R12.81 to the dollar, R16.72 to the pound and R15.28 to the euro.
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