5 important things happening in South Africa today
·1 Mar 2018
Here’s what is happening in and affecting South Africa today:
- South Africa’s banks stand to be hardest hit in the land expropriation saga, as proposals to take land without compensation could see the banking sector knocked to the tune of R180 billion. Analysts say if land is taken from farmers, especially, there will be no way to service the debt owed, which could lead to banks having to write off billions.
- Gupta-owned companies are launching a court bid to force the Bank of Baroda to stay in South Africa and do business with them, arguing that to leave would in contempt of a court order issued last year. Meanwhile, the parliamentary committee into state capture at Eskom want to summon the Guptas to make statements, but MPs, like the Hawks, cannot track the family down.
- Newly appointed mineral resources minister Gwede Mantashe has set a deadline for June, for a new mining charter to be negotiated and agreed on. His predecessor and the chamber of mines were caught up in legal battles around the charter, but were convinced by president Cyril Ramaphosa to open communications and head back to the negotiation table.
- Joburg residents and business owners are up in arms over the city’s valuations of property, which have skyrocketed by as much as 1,000% in some cases. People are angry as higher value property requires them to pay higher rates and taxes. Property owners say the values are being artificially inflated by the city, and are logging objections en masse.
- South Africa’s rand weakened on bets of higher interest rates in the United States and worries triggered by another rating cut to state power utility Eskom by S&P Global Ratings. On Thursday the rand was trading at R11.80 to the dollar, R16.24 to the pound and R14.40 to the euro.
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