Business

5 important things happening in South Africa today

Staff Writer

 ·11 Nov 2022

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

• Just transition loans: The terms of the two €300m loans (about R10 billion in total) provided by public development banks in Germany and France to support SA’s transition, each have a maturity of 20 years, including a five-year grace period. The AFD loan will have to be paid back at an interest rate of 3.6% and 3.0%. These loans form part of an international funding package of $8.5 billion. [BusinessLive]

• New Eskom director scrutiny: PPC has released a report that alleges its former chief financial officer, Tryphosa Ramano, leaked sensitive merger bid information to journalists in contravention of the JSE Listing Requirements and the Takeover Regulation Panel Regulations. Ramano was appointed to the Eskom board last month. She is also a director of the SA Reserve Bank. The Department of Public Enterprises says it is looking into the report. [News24]

• Public wage strike: After a one-day strike directed by the Public Servants’ Association (PSA), the government says the industrial action caused “minimal” disruptions to the flow of public services. The union said it plans on continuing with lunchtime pickets on Friday (11 November) but would consider its options beyond that. The PSA is still contesting the government’s unilateral wage increase of 3%, which the government is set to start paying next week. [News24]

• PP’s impeachment costs taxpayers: During suspended public protector Busisiwe Mkhwebane’s impeachment hearing on Thursday (10 November), it was revealed that Mkhwebane had paid her legal team R100 million while spending an additional R147 million on legal fees to pursue “certain cases”, including her bid to defend her second invalidated report on Minister Pravin Gordhan – with taxpayers footing the bill. [TimesLive]

• Markets: The South African rand rallied on Thursday (10 November) afternoon, as the dollar dropped sharply on lower-than-expected U.S. inflation data. Among domestic drivers for the rand, the South African manufacturing sector recovered better than expected in Q3, rising 2.9% year-on-year versus analysts’ predictions for a 2.35% fall. On Friday (11 November), the rand was trading at R17.36/$, R17.76/€ and R20.35/£. Brent crude is trading at $92.25 a barrel. [Nasdaq]