Here’s what is happening in and affecting South Africa today:
- President Zuma will only step down if Nkosazana Dlamini-Zuma is allowed to sit as president in his stead, and if David Mahlobo gets to keep his hands on the energy portfolio. This is according to the front-page report from the Mail & Guardian, citing ANC insiders privy to behind-the-scenes negotiations, where party leaders are trying to get him to resign.
- Steinhoff is in for even more pain as several South African investors seek to join a class action lawsuit being brought against the company by a Dutch firm. The Dutch Investors Association (VEB) said it launched action against Steinhoff in December, after the retail group announced that its financial reports could not be relied on, and it was investigating accounting irregularities.
- Ford is trying to quietly quash a class action lawsuit of its own relating to the Ford Kuga saga, offering to pay settlements to motorists whose vehicles set alight over the past few years. The reported catch is that motorists who accept the settlement need to sign a non-disclosure agreement. Six motorists have reportedly taken the deal.
- South Africa’s slow growth isn’t only a problem for the country itself, but the whole of Africa, research by Oxford Economics shows. As one of the biggest economies on the continent, a low-grwoth SA drags the entire continent’s growth prospects down, the group said, stunting the continent’s economic recovery.
- South Africa’s rand was flat on Thursday, taking a breather after a week of volatile trade driven by swirling speculation that President Jacob Zuma would step down before his term ends in 2019. On Friday, the currency was trading at R12.38 to the dollar, R16.77 to the pound and R14.92 to the euro.