Business

5 things you need to know in South Africa today

Staff Writer

 ·7 Feb 2017

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

• Sanral insists it will keep chasing its debt, but will first target the 20% of ‘big e-toll defaulters’ – such as fleet owners – who owe 80% of the money. The road agency also wants to push ahead with phase two of its Gauteng freeway development programme, but needs R46 billion to do it. It said it will look to find other revenue streams to help finance its build goals – and promises to do proper public consultation this time.

• Two men have been placed in custody in relation to the recent safety deposit box heists at FNB branches in Gauteng – and they’re both security guards. It is alleged that the two Chubb security personnel used their insider resources to help accomplices rob the banks, stealing over 320 safety deposit boxes filled with valuables and firearms, the Hawks said.

• The South African Water Board needs approximately R200 billion to services its current backlog – almost double its total allocated budget through to 2019. R121 billion rand is needed to build bulk water infrastructure including dams, water-purification plants and pipelines, and a further R100 billion rand for reticulation, Bloomberg reports.

• Nedlac parties have agreed to set South Africa’s national minimum wage at R20 an hour, according to BusinessDay. Reportedly the plan is to sign off on the new wage this week and make a formal announcement at the State of the Nation Address on Thursday, with the wage coming in to full effect in 2018. It will be reviewed annually, the report said.

• South Africa’s rand retreated on Monday, pausing a four session rally as some investors cashed in on recent gains and the dollar regained some ground after being hit by a poor wages report last week. Stocks edged lower as the possibility of a cabinet reshuffle resurfaced ahead of Thursday’s State of the Nation Address by President Jacob Zuma. On Tuesday the rand was at R13.34 to the dollar, R16.63 to the pound and R14.29 to the euro.