5 important things happening in South Africa today
·5 Feb 2018
Here’s what is happening in and affecting South Africa today:
- President Jacob Zuma has refused to step down voluntarily, and after reportedly being given a choice to do so, or face a formal party recall. The ANC’s top six are expected to meet with the party’s national working committee today to discuss the issue. The committee would have to support the motion for a recall, and special NEC meeting would have to be set up.
- Dutch and European companies have launched legal proceedings against Steinhoff. The groups want the embattled furniture and retail group to start compensating investors for the losses suffered due to the company’s botched financials, which tanked the share price when investigations into possible fraud made headlines across the world.
- Cash-strapped state rail company Prasa has reportedly committed to investing R1 billion in the bank that helped president Jacob Zuma pay back the Nkandla money he owed. Prasa has denied that the deal is in place, however, the Times reports that insiders from VBS bank have confirmed that it is expecting the R1 billion in two tranches.
- The Western Cape drought has already cost farmers over R14 billion in losses, with Agri Western Cape warning that as many as 50,000 people’s jobs could be at stake in the region. Despite ‘day zero’ being pushed back by a few days due to better water consumption, Cape Town is still in the midst of the worst drought in a century, and seems certain to run out of water.
- South Africa’s main stock index ended lower on Friday, wrapping up its worst week in two years as an extended bull run loses steam, while the rand dropped 2% after strong US jobs data lifted the dollar. On Monday the rand was trading at R12.04 to the dollar, R17.01 to the pound and R15.01 to the euro.
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