5 important things happening in South Africa today
·8 Aug 2017
Here’s what is happening in and affecting South Africa today:
- All eyes will be on Parliament as MPs head off to vote in the 8th motion of no confidence against president Jacob Zuma today. For the first time, the vote will be done by secret ballot, which has spread expectations across all possible outcomes, though analysts expect the motion to fail, regardless.
- Protestors have taken to the streets ahead of the no confidence vote, blocking roads and causing chaos. The protests kicked off early on Tuesday morning in Soweto and Turfontein in the south of Joburg. Officials are uncertain if the protests are coordinated action, but say that they are directly related to the no confidence vote.
- Big companies in South Africa, including the likes of MTN, Netcare, Nokia and Eskom are reportedly being investigated for violating parts of the Black Economic Empowerment Act. The violations relate to BBBEE ownership structures and noncompliance with the codes of good practice for the verification process.
- The Gupta business empire in South Africa is crumbling, as constant scrutiny and investigations into state capture make their name poison, that many are unwilling to swallow. According to Bloomberg analysts, the tide is constantly turning against the family, and there is no real future for them in South Africa.
- South Africa’s assets gained on Monday with the rand surging as much as 1.7 percent in part because a parliamentary speaker allowed a secret ballot in Tuesday’s vote of no-confidence against President Jacob Zuma. On Tuesday, the rand was trading at R13.22 to the dollar, R17.24 to the pound and R15.61 to the euro.
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