Here’s what is happening in and affecting South Africa today:
- Government is working on new laws that will bar foreign nationals from operating in certain sectors of the economy. Justice and Correctional Services Minister Ronald Lamola said that the legislation will strike a clear balance in helping the economy grow while clearly indicating which types of businesses foreign nationals are and are not allowed to operate in. [IOL]
- South African taxpayers are some of the most heavily taxed in the world, but things may still get worse. Economist Mike Schussler believes that the government will likely increase personal income tax rates and the fuel levy as it is running out of options to raise money. [eNCA]
- State arms company Denel has failed to supply R250 million worth of army vehicles to the government of Chad, despite having been paid a R100 million deposit almost two years ago. Chad has since cancelled the contract and demanded its deposit back from the cash-strapped arms company. [City Press]
- Parliament has begun revising the rules to deal with the removal of the Public Protector. While the constitution and the national assembly’s rules do set out a broad framework for parliament to remove the head of a Chapter 9 institution such as the public protector, these new changes aim to ensure clarity and uniformity. [Parliament]
- The rand starts the week on the back foot following the US Federal Reserve’s decision to cut rates and further uncertainty regarding the US-China trade agreement. On Friday the rand was at R14.91 to the dollar, R18.62 to the pound and R16.43 to the euro.