Here’s what is happening in and affecting South Africa today:
- KPMG South Africa has launched a full review of work done by its partners following yet another auditing scandal, where the group signed off on the books of VBS Mutual Bank, which is in the middle of liquidity crisis. Two KPMG partners resigned, having misled the auditor about their links to VBS. The firm will now review all work done by its partners in the last two years. [Reuters]
- Cosatu is expected to dismiss Eskom’s application to hike tariffs by 30% at the national energy regulator Nersa this week. Eskom wants the hike to recover billions of rands – however, the worker union argues that its Eskom’s own mismanagement that has led to the losses, and the power utility deserves only an inflation-based increase. [eNCA]
- The transport department is set on pushing ahead with the plant to rename Cape Town International Airport after a struggle icon. This past weekend, there were calls from various parties to rename the airport after Winnie Madikizela-Mandela. The department confirmed that the stalwart’s name was on the shortlist. [EWN]
- It is D-Day for minister in the presidency for women Bathabile Dlamini and Sassa acting CEO Pearl Bhengu to submit reasons why they should not be held personally responsible for the Sassa social grants crisis. Dlamini, in particular, has been accused of orchestrating the crisis, and of dodging all responsibility for the crisis which developed under her watch [M&G]
- South Africa’s rand steadied against the dollar late on Friday, ending a volatile week that saw the unit range bound. On Monday the rand was trading at R12.08 to the dollar, R17.20 to the pound and R14.89 to the euro.