Business

5 important things happening in South Africa today

Staff Writer

 ·6 Mar 2023

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

• Cabinet reshuffle: President Cyril Ramaphosa will announce changes to his cabinet later tonight at 19h00. During a media briefing yesterday, presidency spokesperson Vincent Magwenya said that the president was still feeling ill but was busy finalising the changes to the cabinet. Ramaphosa will announce the new minister of electricity and the new ministers for the Public Service and Administration and Transport portfolios. [News24, BusinessTech]

• Water board plans: The Department of Water and Sanitation is considering withholding equitable shares from municipalities that do not pay their water bills to prevent the financial ruin of the nation’s struggling water boards. Water boards were owed R16.1 billion by municipalities by the end of December 2022, including an overdue R10.9 billion for more than three months. The department said that the poor finances of water boards affect ratings by rating agencies, negatively affecting investor confidence. [BusinessDay]

• Tembisa corruption: An alleged kingpin who controls a tender extraction network that took R440 million from the embattled Tembisa Hospital has been linked to other suspicious state suppliers, with signs that the tender corruption network has expanded into other hospitals. Five businesses that whistleblower Babita Deokaran flagged before her assassination are now under investigation by the SIU. Despite the SIU recommending the alleged kingpin be charged with fraud, syndicates led by the businessman remain active. [News24]

• Flights in Cape Town: Flights are back in operation at Cape Town International Airport after struggling to secure jet fuel. Load shedding affected the airport’s largest jet fuel supplier, but refinery production stabilised in the past 24 hours. Imports have supplemented local jet fuel production, while fuel suppliers are sending tankers to meet the airport’s demands. Those travelling at the airport are urged to check their flight schedules via the ACSA App and the relevant airline websites. [eNCA]

• Markets: South Africa’s rand firmed on Friday, helped by strong Chinese data and a positive Purchasing Managers’ Index (PMI) return that showed South Africa’s private sector activity recovering from a downturn. The S&P Global South Africa PMI rose to 50.5 in February from 48.7 in January. A reading above 50 reflects growth. On Monday (6 March), the rand was trading at R18.17/$, R19.34/€, and R21.87/£. Brent crude is trading at $85.04 a barrel. [Nasdaq]