Here’s what is happening in and affecting South Africa today:
- Ratings agency Fitch is not at all optimistic about Cyril Ramaphosa’s victory at the ANC conference this weekend, saying that the narrow victory means that there is no way for the leader to take decisive action, and policy paralysis is likely to follow. The group said political uncertainty will persist into 2018.
- As the ANC conference hits its last days, the party is confident that it will wrap up on schedule, despite outcry over a missing 68 votes that could have a material impact on the role of secretary general. Ace Magashule won by a margin of 24 votes, with the missing 68 said to be in favour of his opponent, Senzo Mchunu.
- Analysts and investors were left disappointed after Steinhoff told bankers in a meeting that it still could not quantify the value of the ‘accounting irregularities’ which caused its current crisis. Steinhoff has been accused of misrepresenting cash flows and hiding losses.
- SARS has filed papers against journalist Jacques Pauw over his book, The President’s Keepers, and in the process, apparently confirmed details in the book, and divulged further details about president Jacob Zuma’s tax affairs. Ironically, SARS is taking Pauw to court for supposedly exposing Zuma’s tax affairs.
- SA bank stocks rallied on Tuesday, optimistic that Ramaphosa will push through policies aimed at putting the economy on a stronger footing. The rand currency retreated from a nine-month high to R12.77 against the dollar, R17.11 to the pound and R15.13 to the euro.