Here’s what is happening in and affecting South Africa today:
- While Eskom contractors, Gupta-linked Trillian and US-based McKinsey, managed to suck out R1.6 billion from the power utility, the groups had a big plan to get hold of R9.4 billion in total. The latest from Scorpio and amaBhungane details exactly how the two companies planned to extract billions from Eskom through consulting contracts.
- South Africa has a very limited time – 6 months to a year – to get its politics back into shape, according to Investec Asset Management director Jeremy Gardiner, or else it will suffer. The director said that the country has already done nothing with the global economic conditions which are currently favouring emerging markets.
- President Jacob Zuma’s fight to not have his day in court to face almost 800 charges of corruption and fraud will be heard in the Supreme Court of Appeals today. The High Court previously ruled that the decision to drop all the charges against him was irrational. The biggest opponent to Zuma’s challenge of the ruling is the DA, who wants him to face all charges.
- Amid worries that the current political climate in South Africa could lead to the ANC’s elective conference could be delayed or called off, the party’s treasurer general Zweli Mkhize says that senior leadership will ensure that it goes ahead as planned. Mkhize said that main issue was divisions in the party on a provincial level, which will need to be addressed.
- South Africa’s rand slipped to its weakest in three weeks on Wednesday as traders opted to bank small profits from the currency’s dip below a crucial technical mark with creeping concerns about credit downgrades souring sentiment. On Thursday the rand was at R13.14 to the dollar, R17.36 to the pound and R15.60 to the euro.