Finance

5 things you need to know in South Africa today

Staff Writer

 ·14 Nov 2016

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

• President Jacob Zuma’s allies are breaking from a Luthuli House order to keep lips locked about their favoured presidential candidate for 2017 by openly campaigning for Nkosazana Dlamini-Zuma to take over as leader of the ANC. It has been an open secret for some time that Dlamini-Zuma was the favoured candidate for the pro-Zuma faction. Zuma supporters have been pushing for the AU chair under the guise of promoting a female candidate for the party.

• Des “four-day” van Rooyen has reportedly welcomed the findings of the former Public Protector’s report into state capture, saying that despite trying to interdict its release, he is happy the report is now out. Van Rooyen said he would be exercising his rights and will challenge the allegations levelled against him – insisting that no one is guilty until proven so by the judicial commission of enquiry.

• Following his resignation last week, Eskom CEO Brian Molefe now faces more legal pain as the DA says it will lay criminal charges against the man. The DA said Molefe’s resignation was suspicious, as the party had just requested a meeting with the CEO where he would have to speak under oath. The EFF, meanwhile, have called for the entire Eskom board to follow Molefe’s lead and resign. Molefe will step down 1 January 2017.

• The South African Weather Service has warned that Gauteng is likely to see more severe thunderstorms this week, after a brief reprieve over the weekend. Last week, Johannesburg and surrounding areas were ravaged by flash flooding and hailstorms, which claimed the lives of at least 6 people, and severely damaged infrastructure in some parts of the city. Storms are more likely to hit in the late afternoons, the service said.

• South African markets continued taking pain following a surprise Trump victory in the US presidential election last week, breaking through R14 to the dollar on the back of the dollar’s performace. The rand ended the week weaker still, tracking downwards following news that Eskom CEO Brian Molefe would be resigning at the end of the year. On Monday the rand was trading at R14.35 to the dollar, R18.02 to the pound and R15.47 to the euro.