5 important things happening in South Africa today

 ·14 May 2024

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

  • NHI to become law tomorrow: The president will publicly sign the NHI Bill into law at the Union Buildings at 14:00 on Wednesday, 15 May, the Presidency announced in a statement late on Monday. [BusinessTech]

  • ANC and other parties fined: The Electoral Court has fined several political parties, including the ANC, ATM, COPE, NFP, AIC, and PAC, amounts ranging from R10,000 to R40,000 for not submitting audited financial reports as required by the Political Parties Funding Act to the Electoral Commission of South Africa. The abovementioned parties were fined R40,000 each and did not challenge the case or justify their non-compliance, a point of significant criticism in Judge Lebogang Modiba’s ruling. [GroundUp]

  • Steelworkers secure wage deal: Employers in the steel sector and the largest union have agreed on a multi-year wage deal, with increases of 7%, 6%, and 6% over three years, surpassing the 5.3% inflation rate. This agreement, hailed as progressive by Numsa, not only secures better wages for metalworkers but also includes additional housing funds, potentially influencing future labour agreements and increasing sector costs. [Business Day]

  • George building collapse rescue continues: As of now, 61 people have been rescued from the collapsed construction site in George. Gerhard Otto, who is the disaster manager for the Garden Route District Municipality, confirmed that the death toll remains at 32 after the overnight rescue work. It has been seven days since the rescue operation started, and 20 people are still missing. [News24]

  • Markets:  On Monday, the rand appreciated against a softer dollar as investors looked forward to key U.S. data that might shed light on the Federal Reserve’s prospective interest rate trajectory. On Tuesday (14 May), the rand was trading at R18.37 to the dollar, R23.04 to the pound, and R19.84 to the euro. Oil is trading at $83.46 a barrel. [Reuters]
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