5 important things happening in South Africa today

 ·7 Jun 2024

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

  • Sasol’s market cap retreats R42 billion: Sasol has experienced a significant decrease in investor equity, driven by lower oil and chemical prices and shareholder concerns about carbon emissions. The company’s share price improved by 1.49% to R120 on Thursday, giving Sasol a valuation of roughly R77 billion. Despite this, the company’s losses for the year have reached 35%, performing much worse than the nearly unchanged top 40 index. Since the start of the year, Sasol’s market capitalisation has diminished by R42 billion. A decade earlier, the company was valued at over R400 billion. Its share price had a high in June 2022 at R430. [Business Day

  • Bomb squad called to CT airport: Passengers on a FlySafair flight at Cape Town International Airport (CTIA) bound for OR Tambo had to disembark and were escorted to another aircraft due to a security threat. Airports Company South Africa (ACSA) confirmed late on Thursday night that the South African Police Service (SAPS) bomb squad was deployed to CTIA after the departing flight crew was alerted to a possible security threat on board the aircraft. [BusinessTech]

  • Tshwane approves R50.6 billion budget: The City of Tshwane council has approved the capital city’s R50.6 billion budget for the fiscal year 2024/25. The approval came after councillors from the EFF and ANC, who had voiced their opposition to the budget, exited the meeting due to the lack of water supply at Tshwane House, the location of the council chamber. Despite their departure, the remaining members constituted a quorum, allowing the budget to be successfully passed. [News24]

  • George building collapse investigation faces hurdles: The investigation into a building collapse at a construction site in George faces a major obstacle as at least 35 key witnesses have left the country. These individuals are yet to be interviewed about the incident. In the aftermath of the collapse on May 6, rescue teams pulled 62 people from the debris. To date, the incident has claimed 34 lives, leaving several families waiting over a week to receive confirmation of the deaths of their loved ones. [News24]

  • Markets: The rand made a slight recovery early on Thursday. On Friday (7 June), the rand was trading at R18.75 to the dollar, R24.21 to the pound, and R20.62 to the euro. Oil is trading at $80.06 a barrel. [Reuters]
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