5 important things happening in South Africa today

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

• Gupta companies are taking legal action against the Bank of Baroda to try and stop it from shutting down their accounts. The Bank is the latest in a long line of financial institutions to shut down Gupta accounts, following news of widespread corruption and state capture orchestrated by the family. South Africa’s banks shut down Gupta accounts in 2016.

• A R2.4 billion loan given to Eskom by the New Development Bank has been put on ice, as it is not being used for its intended purpose. The loan was awarded to Eskom in 2016 so that the power utility could connect 500MW of green energy to the national grid – Eskom, however, has since refused to move ahead and sign off on any new green energy projects.

• Violence between metred taxi drivers and drivers of app-based lift groups continue, with drivers of Uber competitor, Taxify, now also in the firing line. The attacks against Uber drivers hit a point where the company has hired private security to guard their drivers in problem areas. Taxify drivers have also faced increasing threats, and one has now been beaten up.

• In-fighting has erupted within the ANC in KwaZulu Natal, which could have serious ramifications for the future leadership of the party. KZN, a Zuma stronghold, is the kingmaker in ANC politics – but the provincial leadership is divided, which could make or break Zuma’s support base leading up to the party’s elective conference.

• South Africa’s rand raced to a one-week high on Wednesday as traders bet the currency was poised for a sustained uptrend as political fears eased and the economy shows signs of clawing its way to recovery. On Thursday, the rand was trading at R13.17 to the dollar, R16.99 to the pound and R15.51 to the euro.