Business

5 things you need to know in South Africa today

Staff Writer

 ·3 Oct 2016

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

• EFF leader Julius Malema says that he and his party will never take money from white people to achieve its goals – adding that the party will fund its own way into power, and not beg rich whites for money like the ANC. The politician said he remains unapologetically radical, and would not follow the ANC into bed with “white capital”, even if it means having small election posters and giving a portion of his salary to fund the party.

• While the SABC’s loss of R411 million for the 2014/15 financial year is shocking enough, several secret reports reveal that the situations is much worse – with the broadcaster losing a further R500 million in the past five months alone. On top of that, the broadcaster has also burnt through R600 million of its cash on hand, and has continued to lose viewer share to other channels.

• An investor conference for South Africa, held in New York, has been so poplar that oraganisers have had to shut down further applications to attend. The conference provides the opportunity for high level officials such as finance minister Pravin Gordhan to sell South Africa and restore confidence in the economy. An oversubscribed event bodes well for the country.

• South Africa’s top two universities – UCT and Wits – will resume classes today, but will reinforce security in a bid to keep students and staff safe from “guerilla protests”. Universities in the country currently face an extremely tight window to save the academic year, with further unrest and the shutting down of classes likely resulting in the 2016 courses being lost, with extensions into 2017 necessary.

• South Africa’s rand was lifted on Friday after the Treasury said it issued a pair of new dollar bonds worth $3 billion, while stocks faltered as Deutsche Bank’s woes tipped global share markets into a tailspin. On Monday, the rand was trading at R13.75 to the dollar, R17.79 to the pound and R15.44 to the euro.

In other news: The Black Management Forum has suggested that having black representation in management should be a listing requirement for companies on the JSE, This should be done in the same way as the gender policy currently being drafted by the bourse, the group said.