Business

5 important things happening in South Africa today

Staff Writer

 ·16 Jul 2018

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

• South Africa is among the emerging market economies that are bracing for an all-out trade war between the US and China. South Africa’s automotive sector will be one of the biggest hit – while an interest rate hike may also come as result. The Reserve Bank’s MPC will meet on Thursday – economists expect rates to remain stable. [Bloomberg]

• Despite the uncertain political landscape in South Africa, a new Ipsos poll shows that the ANC is still the top choice among SA voters. From a representative sample of 3,000 voters, the ruling party carries a 60% share of support. The DA and EFF carry 13% and 7%, respectively. [eNCA]

• Ministers have 2 weeks to find a way to counter rising costs in South Africa, but president Ramaphosa has highlighted that options are limited, and that there is unlikely to be anything resembling a quick fix to the problem. Unions have been complaining about the 15% VAT rate and rising fuel prices limiting disposable income. [Mail & Guardian]

• The Hawks believe they have uncovered the mastermind behind South Africa’s spate of cash-in-transit heists, identifying a man linked to at least 23 incidents. The special police unit is watching the country’s borders to ensure he does not slip by. 6 of his accomplices have been arrested. [EWN]

• South Africa’s rand extended gains on Friday despite the dollar regaining its footing, as investors picked the currency over other emerging markets to take advantage of the carry trade on offer. On Monday the rand was trading at R13.26 to the dollar, R17.56 to the pound and R15.50 to the euro.