5 important things happening in South Africa today

 ·29 Feb 2024

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

  • Tense standoff between Gordhan and Parliament: Minister of Public Enterprises, Pravin Gordhan, had a tense standoff with the parliamentary committee that exercises oversight of his department. Gordhan had requested that his appearance at the Portfolio Committee be held in private and that MPs sign non-disclosure agreements – however, after fierce objection, the minister eventually handed over the confidential documents on the SAA sale. [News24]

  • New Transnet CEO and CFO announced: Transnet announced on Wednesday (28 February) that Michelle Phillips, a Transnet veteran, has been appointed as the Group Chief Executive Officer, and Nosipho Maphumulo has been appointed as the Group Chief Financial Officer. [eNCA]

  • Pick n Pay seeks liquidation of franchisee’s stores: Pick n Pay has applied to liquidate 19 stores owned by a franchisee due to an outstanding debt of R224 million. This is the first time the company has taken this step. If the liquidation goes ahead, it could result in the closure of 10 grocery shops and nine liquor outlets, leading to 650 job losses. [BusinessDay]

  • Nearly R14 billion recovered from state capture accused: In a parliamentary session, Justice Minister Ronald Lamola revealed that the NPA’s Asset Forfeiture Unit had retrieved almost R14 billion from prominent individuals and multinational companies allegedly involved in state capture. This comprises R6.12 billion confiscated or forfeited, R6.2 billion recovered, and R2.2 billion secured from a deal with software giant SAP. [TimesLive]

  • Markets:  South Africa’s rand weakened on Wednesday, taking its cues from the dollar in the absence of major economic data releases. On Thursday (29 February), the rand was trading at R19.25 to the dollar, R24.39 to the pound, and R20.88 to the euro. Oil is trading at $83.54 a barrel. [Reuters]

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