Here’s what is happening in and affecting South Africa today:
- The ANC is again showing its divisions in the matter of president Jacob Zuma’s early exit. Secretary general Ace Mageshule and his deputy Jessie Duarte have both come out in support of Zuma, saying he is not going anywhere – directly contradicting new leader, Cyril Ramaphosa who has made it clear there were discussions for Zuma to go.
- The National Minimum Wage Bill is facing a hiccough over the definition of ’employee’ in the final document. Unions are angry that the broader term ‘worker’ – which would have covered contract and independent workers in vulnerable fields – was replaced with the narrower ’employee’.
- Eskom is expected to release its delayed interim results today, with analysts anticipating a clear message on how the group will avoid a liquidity crisis while it deals with poor governance and corruption. Eskom was downgraded by ratings agencies late last week over concerns about its finances.
- The Guptas and their associates are scheduled to make an appearance before the inquiry into mismanagement at SOEs in March. A formal invite to the family is yet to be sent, but the adopted schedule by the inquiry has been accepted and adopted.
- South Africa’s rand weakened on Monday as the dollar recovered and government bonds sold off, while investors waited anxiously for a results announcement by cash-strapped power utility Eskom. On Tuesday the rand was at R12.00 to the dollar, R16.85 to the pound and R14.84 to the euro.