5 important things happening in South Africa today
·11 Apr 2018
Here’s what is happening in and affecting South Africa today:
- South Africa’s growth rate could pick up faster than expected, the Reserve Bank says – so long as the right policies are put in place and there is clarity around the government’s reform agenda. The SARB said that growth could exceed the projected 2% by 2020, a level which the country has not passed since 2013. [Bloomberg]
- Mobile group MTN plans to list its Nigerian unit this year, saying that plans for the IPO are well advanced, with a detailed path to the listing expected to be revealed in the next few months. [Reuters]
- Seven senior staff at SAA are reportedly in line for suspension over allegations of misconduct related to contracts worth billions of rands. The allegations are around jobs for friends, not advertising tenders and other irregularities at the airline. [TimesLive]
- Former Steinhoff chairman Christo Wiese has defended R5 billion payments made to him in 2017, which the company said yesterday went against the rules. Wiese said they payments were up-front payments related to a planned merger between Shoprite and Steinhoff’s Africa operations. The payments were approved by SARB, and were paid back when the deal fell through. [Bloomberg]
- South African stocks and the country’s currency recovered Tuesday as investor jitters over a US-China trade row eased, boosting risk appetite, even as local manufacturing data pointed to a slow recovery in the domestic economy. On Wednesday the rand was at R12.05 to the dollar, R17.10 to the pound and R14.90 to the euro.
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