5 important things happening in South Africa today
·21 Sep 2017
Here’s what is happening in and affecting South Africa today:
- Embattled KPMG’s new CEO has promised to turn things around at the group, saying that it has been in contact with clients who know that the new leadership team is doing everything in their power to improve on areas where it is failing. The group’s reputation is in tatters due to the fallout of its involvement with the Guptas and the SARS rogue unit report.
- Treasury’s Monetary Policy Committee is widely expected to cut interest rates today by 25 basis points, with many economists saying that yesterday’s inflation data – which showed a marginal increase in the rate – was not enough to counteract the generally positive environment, making a rate cut possible.
- Presidential hopeful Nkosazana Dlamini Zuma will be sworn in as a Member of Parliament today, taking the place of Pule Mabe who will be focusing on his private business interests. It is widely speculated that president Jacob Zuma will soon reshuffle his cabinet, and place Dlamini Zuma in it, from which she will have a stronger platform to launch her presidential campaign.
- President Jacob Zuma has delivered a speech to the UN denouncing the use and ownership of nuclear weapons, and has signed a treaty along with 40 other countries against the weapons of mass destruction. South Africa voluntarily disbanded its nuclear weapons programme towards the end of apartheid, and remains the only country to do so.
- South Africa’s rand recovered on Wednesday from its weakest in a month after consumer inflation figures for August suggested interest rates will fall further, reviving economic growth. On Thursday the rand was trading at R13.35 to the dollar, R18.01 to the pound and R15.87 to the euro.
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