5 important things happening in South Africa today

 ·4 Oct 2022

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

  • Water levels critical: Johannesburg’s water reservoirs and towers are at critical levels as Johannesburg Water shuts down the supply to the northern suburbs for the fourth time in less than three weeks. The Bryanston reservoir and tower have been shut down due to bursts, while other areas supplied by the Commando, Soweto, Roodepoort, and Sandton reservoirs are battling dry taps. [eNCA]

  • Huge payday: The CEOs of Shoprite and Woolworths have received multimillion-rand paydays for 2022, and market analysts say they are in line with their peers and justified by solid performances. Shoprite confirmed that CEO Pieter Engelbrecht’s total pay package was R48.42 million for 2022, while Woolworths’ CEO Roy Bagattini received a total of R36.133 million for the 2022 financial year. These increases show a 21% and 8.5% increase compared with 2021. respectively. [News24]

  • Food inflation warning: Pick n Pay’s food inflation in its half-year to August doubled compared with the same period in 2021, hitting 7.2% and showing how much pressure consumers are under. Pick n Pay is not alone in reporting increasing prices. According to Stats SA, Food CPI rose from 8.6% in June to 11.3% in August. Shoprite also reported that in-store inflation spiked to 7.2% in July, and the group’s CEO says food inflation in stores could reach as much as 10%. [BusinessLive]

  • Fight for the presidency: Nkosazana Dlamini-Zuma and Lindiwe Sisulu are set to join forces to push for South Africa’s first female president. The two are campaigning under one banner for the ANC presidency and deputy presidency in the party’s December elective conference. Despite not receiving the backing of any provincial executive committee – including KwaZulu-Natal – the joint campaign is said to have received the approval of former ANC president Jacob Zuma. [News24]

  • Markets: South Africa’s rand firmed in early trade on Monday, ahead of a local purchasing managers’ index (PMI) survey and new vehicle sales data that could give some clues on the economy’s health. The rand is currently trading at R17.81/$, R17.54/€ and R20.18/£. Brent crude is trading at $89 a barrel. [Nasdaq]
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