Business

5 important things happening in South Africa today

Staff Writer

 ·20 Jun 2018

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

• Eskom has offered to give workers a 4.7% wage increase – a step up from its initial offer of 0%, but still way off demands of 15%. Workers last week embarked on an illegal strike, sabotaging Eskom’s systems and forcing load shedding to return. [Reuters]

• Fuel hikes and April’s VAT increase are having a domino effect, with consumers now facing higher prices and other costs. This is also having an impact on the poorest, who now face another 3% hike in public transport costs, on top of a recent 8% hike. [IOL]

• Stats SA will be releasing the latest inflation figures today, which may inform a decision by the Reserve Bank to hike rates – though it may not come in the short-term. Deputy governor Kuben Naidoo this week said the bank was taking a wait-and-see approach. [Stat SA]

• The presidency has confirmed that it will continue paying former president Jacob Zuma’s legal bills, despite efforts by opposition parties to end the arrangement. The presidency said that it will continue paying until there has been a court ruling on the matter.

•  South Africa’s rand fell to its weakest in nearly 7 months on Tuesday as US President Donald Trump threatened new tariffs in an escalating tit-for-tat trade war with China, hitting sentiment in emerging markets. On Tuesday the rand was at R13.74 to the dollar, R18.07 to the pound and R15.89 to the euro.