Here’s what is happening in and affecting South Africa today:
- ANC secretary-general Ace Magashule is once again in the spotlight for the wrong reasons. Magashule was mentioned at the state capture inquiry on Tuesday which is dealing with allegations linked to SAA and the role he played as a member of the Free State Development Corporation. [eNCA]
- President Cyril Ramaphosa will announce more measures to support cash-strapped power utility Eskom, his office said on Tuesday. “It is expected that the President will announce further measures to support Eskom’s efforts at recovery and financial and operational sustainability,”| the presidency said in a statement, following a meeting between Ramaphosa and Eskom’s board. [Reuters]
- Transport minister Fikile Mbalula had hinted that e-tolls may be scrapped in Gauteng. However, the Electronic Toll Collection (ETC) has warned that 38,000 jobs could be indirectly lost if the move goes ahead. [TimesLive]
- Scandal-hit Steinhoff posted a loss of €1.19 billion (R19.35 billion) for the year ended September 2018. The group had delayed publishing its 2017 and 2018 earnings reports to give auditors PwC time to complete a 15-month forensic probe into its books. Steinhoff instituted the probe in December 2017 after its CEO Markus Jooste abruptly resigned in an accounting scandal. [News24]
- The rand made dramatic strides against the dollar and other major currencies on Tuesday with two significant elements contributing to the rand’s relief. President Cyril Ramaphosa stated that the Eskom rescue plan is to be unveiled, while Moody’s once again affirmed that the outlook for SA remains stable. On Wednesday, the rand was at R14.57 to the dollar, R18.30 to the pound and R16.30 to the euro.