Business

5 things you need to know in South Africa today

Staff Writer

 ·1 Feb 2017

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

• SABC executive Hlaudi Motsoeneng has hijacked another funeral to sing his own praises – this time making an unscheduled appearance at the memorial of popular gospel singer, Lundi Tyamara, where he addressed mourners saying he was a prophet sent to lead the nation – and pointing out that all South Africans loved him. Motsoeneng previously hijacked the funeral of kwaito star Mandoza to tell mourners to pay their TV licences.

• Prosecutor Gerrie Nel has left the National Prosecuting Authority to head up a private prosecution office at AfriForum, leaving many, including the NPA, shocked at the move. Nel says he will focus on prosecuting those he believes have escaped the law, but denies trying to establish a parallel justice system. The NPA said it was surprised by his sudden exit, but said it won’t be paralyzed by his departure.

• National Treasury told MPs in Parliament that the incoming sugar tax is not meant to raise revenue, but rather to promote health – tackling the growing obesity problem in the country. The beverages industry has hit back at the tax however, warning that it will suffer a loss of over R1.4 billion due to the tax, which will also lead to job losses. Critics of the sugar tax point out that studies show no significant reduction of sugary drinks following the implementation of such a tax.

• 27 companies say they will make bids for South Africa’s nuclear programme, Eskom says, including four major nuclear vendors from China (SNPTC), France (EDF), Russia (Rosatom) and South Korea (Kepco). These companies will take part in the process, which starts with a Request for Information (RFI), which has to be supplied by April 2017, with requests for proposals (RFPs) to follow throughout the year.

• South Africa’s rand gained more than one percent on Tuesday, reversing much of the previous session’s losses as appetite for risk assets globally rose after comments by U.S. President Donald Trump put the skids under the dollar. On Wednesday, the rand was trading at R13.50 to the dollar, R16.96 to the pound and R14.55 to the euro.