Here’s what is happening in and affecting South Africa today:
- Ratings agency Moody’s has joined Fitch in assessing South Africa’s proposed stimulus plan, saying that it is very small, and will have little impact. The stimulus is only 1% of GDP, so it won’t be enough to significantly change anything, it said. The group also expects tax revenue to fall short of expectations. [EWN]
- Half of president Cyril Ramaphosa’s R50 billion stimulus plan will be funded be adjusting current budgets, according to finance minister Nhlanhla Nene. Under-performing government programmes will be on the chopping block. The other half will come from development financing institutions. [Reuters]
- Steinhoff investors in the Netherlands have been given the go-ahead to take legal action against the South African multinational, as a result of losses incurred do to accounting fraud. The move adds to mounting legal cases faced by Steinhoff, who is facing similar action in Germany. [IOL]
- A service provider claims that the ANC owes it over R32 million for web hosting services, and is mulling legal action after pulling the party’s website offline. However, the ANC insists that its site is simply down for maintenance. [Times Live]
- South Africa’s rand powered to its firmest since late August on Wednesday as risk assets rallied despite expectations the Federal Reserve would raise interest rates and draw a line under a decade of accommodative monetary policy. On Thursday the rand was at R14.21 to the dollar, R18.66 to the pound and R16.62 to the euro.