5 important things happening in South Africa today
·25 Jul 2018
Here’s what is happening in and affecting South Africa today:
- The judicial commission of enquiry into state capture has been given and extra 2 years to get to the heart of the matter. Recommendations from the commission were expected 180 days after it started, in line with the Public Protector’s findings. [Bloomberg]
- The DA and Outa’s demand that fuel levies in South Africa be but by R1 has been criticised by economists, who say the move would lead to a massive hole in revenue collection. Cutting the levy may look appealing, but it is not a long-term solution, economists said, adding that there is no quick-fix to the problem. [Daily Maverick]
- The 10th annual BRICS summit is kicking off in South Africa today, with many analysts expecting it to serve as the platform for China’s kick-back against the trade-war started by US president Donald Trump. [Bloomberg]
- The South African weather service has warned that a new El Nino is expected to hit South Africa as we head towards spring. The last El Nino caused widespread drought in the country, which was the driving force behind the water crises in Cape Town and the Eastern Cape. [Reuters]
- South Africa’s rand firmed more than 1% on Tuesday to a three-day best as demand for the local currency was boosted by China’s promise of a $14.7 billion investment. On Wednesday the rand was trading at R13.26 to the dollar, R17.44 to the pound and R15.50 to the euro.
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