5 important things happening in South Africa today
·5 Apr 2018
Here’s what is happening in and affecting South Africa today:
- South African mining companies have scored a victory after the High Court sided with them on black empowerment. The controversial new mining charter wants to force companies to maintain required BEE levels, while the mining groups wanted a ‘once empowered, always empowered’ ruling, where BEE cred was maintained even if black owners went on to sell their stakes to whites. [Bloomberg]
- National Treasury says that mixed ownership is the way to go with struggling state companies like SAA, where there has been little oversight with the company’s operations over the past few years. SAA’s problems were at board level, Treasury said, and a mix of private and public ownership would work to overcome these challenges. [702]
- Imperial CEO Mark Lamberti is under pressure to resign as a member of the Eskom board after a court found him guilty of discrimination. Lamberti has faced calls from politicians and business groups to step down after it was found that him calling a former employee a “female employment equity candidate” impaired her dignity. [EWN]
- Former president Jacob Zuma’s supporters from across the country are expected to bus their way to a late night vigil this evening, ahead of his appearance in court tomorrow on fraud and corruption charges. His legal team, meanwhile, are reportedly trying to get the case postponed – one of many tricks expected to pulled in the already drawn-out case. [News24]
- South Africa’s rand slipped to its weakest in two weeks on Wednesday as heightened concerns over the impact of a trade war between China and the United States hit investor demand for emerging market currencies. On Thursday the rand was at R11.90 to the dollar, R16.74 to the pound and R14.61 to the euro.
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