5 important things happening in South Africa today
·28 Feb 2018
Here’s what is happening in and affecting South Africa today:
- Markets reacted negatively to news that the ANC and the EFF would join forces to support land expropriation without compensation in South Africa. The motion was tabled for debate in parliament on Tuesday, and passed with a majority vote. The matter will now be moved to the constitutional review committee, which will recommend if the relevant clauses should be changed.
- The return of Pravin Gordhan and Nhlanhla Nene to cabinet in vital positions has been lauded and welcomed, with many analysts saying the return of the anti-corruption lawmakers will accelerate business and investor confidence in the country. However, their return is not a panacea for SA’s struggling economy, and a long road lies ahead.
- The Independent Regulatory Board for Auditors (IRBA) has referred a former KPMG employee to a disciplinary hearing following investigations into their association with Gupta-linked companies, and the work done for them. The former employee could face sanctions ranging from a light caution or reprimand to being struck from the register of auditors.
- The DA and EFF alliances in major metros are under threat, after the DA failed to back the EFF’s motion for land expropriation without compensation in parliament. Party leader Julius Malema said that the EFF would table a motion of no confidence vote against Nelson Mandela Bay mayor Athol Trollip as a ‘warning shot’ to the DA.
- South Africa’s rand weakened more than one percent on Tuesday as investors took profit from a recent rally that sent the currency to new three-year highs overnight when new President Cyril Ramaphosa changed the finance minister in a cabinet reshuffle. On Wednesday the rand was at R11.73 to the dollar, R16.30 to the pound and R14.34 to the euro.
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