5 important things happening in South Africa today
·13 Nov 2017
Here’s what is happening in and affecting South Africa today:
- Nation Treasury has been put on the back foot as president Jacob Zuma appears to have wrested control from those who should be in charge of the country’s finances. Despite claims from NT that the move to draw other departments closer is constructive, Zuma’s speculated R40 billion free education budget crawl is being given keen attention.
- Former ANC minister Toxyo Sexwale says that the party’s elective conference next month is in danger of collapsing as the party remains heavily divided, and there is an increasing likelihood that the numbers for the vote will be manipulated.
- UK bank, HSBC has closed accounts linked to the controversial Gupta family in Dubai, admitting for the first time that it has ties to the growing scandal involving the family. The bank has previously opted to remain silent on the matter.
- Following less than stellar interim results, state-owned telco group Telkom has appealed to the government to be ‘disciplined’ in the way it disposes of its share of the company. Telkom group CEO Sipho Maseko said that he hoped the government would keep the company’s strategic direction in mind when selling some, or all of its stake.
- South Africa’s rand slipped to a one-year low on Friday as fears of a ratings downgrade resurfaced on reports President Jacob Zuma is preparing to introduce free tertiary education. On Monday the rand was at R14.41 to the dollar, R18.93 to the pound and R16.80 to euro.
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