Business

5 important things happening in South Africa today

Staff Writer

 ·17 Apr 2018

Here’s what is happening in and affecting South Africa today:

• Disgraced former Eskom boss Brian Molefe will today continue his fight to keep over R30 million he received as a ‘golden handshake’ when he resigned from the cash-strapped power utility. Molefe is arguing that judges erred when they ruled he resigned, insisting that he retired, and was entitled to the cash payout. [IOL]

• President Cyril Ramaphosa is spearheading a new campaign to ‘hunt’ for $100 billion worth of investment for South Africa. He is putting together a team of “investment envoys” – including former finance ministers and banking executives – to go out and seek investment opportunities for the country. [Bloomberg]

• KPMG has been dealt another blow in its VBS auditing saga after curators for the bank took the decision to withdraw its audited results for 2017. The curator said the results were no longer reliable. KPMG on Sunday admitted that its partners in charge of auditing the bank had received undisclosed loans from VBS. They resigned ahead of disciplinary action. [M&G]

• Cape Town residents are slipping back into water-wasting ways, with the local government registering a spike in water use. Collective water consumption has increased by 5% over the past month, after officials said that ‘day zero’ would likely be pushed out to 2019. The city urges residents to keep targetting 50 litres a day. [EWN]

• South Africa’s rand inched firmer on Monday as weak retail sales from the United States and nervousness globally over Western missiles fired at Syria at the weekend kept investors on the sidelines. On Tuesday the rand was at R12.03 to the dollar, R17.27 to the pound and R14.90 to the euro.