5 important things happening in South Africa today

·19 Oct 2022

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

A win for Justice: The Reserve Bank has seized more than R1.4 billion worth of assets belonging to former Steinhoff CEO Markus Jooste, his wife and his family trust. This is the first move against the former CEO, relating only to suspected exchange control infringements rather than the broader fraud involving R106 billion in “fictitious and irregular transactions” that duped a wide array of pension funds and investors in the country five years ago. The court order freezes Jooste’s home in Hermanus, the Lanzerac wine farm in Stellenbosch, five vehicles, about R100 million worth of art, jewellery and other assets. [BusinessLIVE]

Transnet operational: Transnet CEO Portia Derby says that 70-80% of workers were back on the job on Tuesday (19 October). However, she noted that the strike had created significant backlogs both at ports and for rail, and the backlog at ports should be cleared within the next 6-9 weeks. She added that Transnet is still in discussion with Satawu, which rejected the 3-year wage deal offered to Untu on Monday (17 October). [EWN]

Plans to fix water infrastructure: City of Johannesburg Mayor, Dada Morero, says plans are being made to improve the city’s ailing water infrastructure. He added that the department and relevant municipalities have agreed to treat the issue as a top priority. This follows after some areas in the city have been battling water shortages and intermittent supply for weeks. [eNCA]

South Africa’s energy transition plans: South Africa will unveil details on how it plans to cut emissions next month at the United Nations Climate Change Conference (COP27) in Egypt, Environment Minister Barbara Creecy said. However, energy minister Gwede Mantashe said developed economies offering energy transition finance to African economies were using them as “guinea pigs” on which to perform energy experiments. [News24]

Markets: South Africa’s rand strengthened in early trade on Tuesday, bolstered by improved global market sentiment after a dramatic U-turn in British fiscal policy. However, curbing further gains in the rand, Eskom ramped up scheduled power cuts after generators at five of its plants broke down overnight. The rand is currently trading at R17.96/$, R17.71/€ and R20.44/£. Brent crude is trading at $92.39 a barrel. [Nasdaq]

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