Business

5 important things happening in South Africa today

Staff Writer

 ·25 May 2017

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

• Despite denials from the ANC that a discussion around a possible Zuma recall is not on the agenda for the party’s NEC this weekend, more NEC members are coming forward saying that they will put it on the table – and the markets are loving it. Bloomberg reports that four more NEC members have told it that they will put forward a motion to discuss removing the president. The meeting takes place this weekend, starting tomorrow.

• State company Denel has denied that it has been captured by the Gupta family’s interests – but is having an incredibly tough time convincing the portfolio committee probing its dealings with Gupta-linked companies. While Denel’s board insists it is acting in the public interest by partnering with the Guptas’ VR Laser despite the company’s financial problems, it is in direct contradiction of finance minister Malusi Gigaba’s assessments.

• The DA says that it has it “on good authority” that Eskom has been destroying documents relating to the Brian Molefe reappointment saga, saying that a trusted source within the power utility contacted them with the information. Eskom said it will investigate the claims. Eskom faces a formal inquiry into how Molefe came to be Eskom CEO once again, and have been requested to provide all sorts of documentation on the matter.

• Spur’s CEO Pierre van Tonder has hit out at union Solidarity for supporting a boycott of its restaurants, saying that it affects the livelihoods of some of the union’s own members, who work at affected franchises. Van Tonder was responding to an open letter written by Solidarity lead, Dirk Hermann, who said he lost his appetite for Spur over the handling of a racist incident at one of its branches. Hermann holds the position that Spur was acting against the white Afrikaans community. Spur restaurants have lost millions in the boycott.

• South Africa’s rand rallied to a 4-week high against the dollar on Wednesday and government bonds gained after annual consumer inflation fell more than expected as food price rises eased. On Thursday the rand remained stable under R13 to the dollar, trading at R12.90 to the dollar, R16.75 to the pound and R14.50 to the euro.