5 important things happening in South Africa today
·28 Mar 2018
Here’s what is happening in and affecting South Africa today:
- The South African Reserve Bank’s Monetary Policy Committee (MPC) will announce its decision of whether or not it will be cutting rates today. Analysts are expecting a rate cut of 25 basis points, which will take the prime lending rate to 10.0%, however others say a more cautious approach – with rates being held – is just as likely. [702]
- Former Steinhoff CEO Markus Jooste has refused to appear before government committees seeking answers to the retail giant’s accounting mess, which wiped billions of rands of value from the market – and investors. Jooste said that he is no longer CEO of the company, and is thus under no obligation to answer questions about it. [IOL]
- The Guptas are returning to India, according to a close friend of the family, who says the brothers – who are the centre of the state capture saga – believe they have done nothing wrong. Meanwhile, the Guptas, Dudu Myeni and Duduzane Zuma have all once again been summoned to parliament to answer for their role in state capture. [eNCA]
- The ANC government has taken a page out of the Hlaudi Motsoeneng playbook, and adopted a policy that all TV and radio in South Africa must have 70% local content within five years. The policy was one of the many adopted at the party’s 54th annual conference. A similar policy at the SABC, pushed my Motsoeneng, led to millions of rands in losses for the broadcaster. [MyBroadband]
- South Africa’s rand gave up its previous session’s gains in early trade on Tuesday, as the market positioned itself for the central bank’s interest rate decision on Wednesday. Today the rand is trading at R11.66 to the dollar, R16.55 to the pound and R14.46 to the euro.
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