Here’s what is happening in and affecting South Africa today:
- National Treasury is finding itself in a difficult position, with expectations that it will fall short of its tax collection targets outlined in the February budget. Treasury said that, historically, an economy emerging from a recession would see tax collection take a big hit, and further tax hikes or spending cuts will exacerbate the issue.
- Mobile operator Cell C has threatened to take legal action against its BEE partner, Cellsaf, over statements made by the latter company’s secretary about the recapitalisation deal with Blue Label. Cellsaf’s statement made pointed claims saying the deal did not comply with various acts and regulations. Cell C says the company is trying to sabotage the deal.
- Presidential hopeful Nkosazana Dlamini-Zuma says she will not ignore allegations and charges against president Jacob Zuma is she is elected as leader of the party. Speaking to Huffpost SA, Dlamini-Zuma said that where there are allegations against an individual, they must be investigated.
- FNB and its customers affected by the safety deposit heists from the end of 2016 are currently in a PR battle over items recovered. The affected customers have slammed the bank for its ‘arrogance’ in dictating how their property is handled. FNB said it using its processes to ensure that the recovered items go to their respective owners – but won’t get involved in disputes.
- South Africa’s rand was barely moved on Monday, with lower global prices for gold eating into early gains as worries over military tensions between the United States and North Korea that have hurt risk assets eased. On Tuesday the rand was at R12.97 to the dollar, R17.09 to the pound and R15.51 to the euro.