5 important things happening in South Africa today
·14 May 2018
Here’s what is happening in and affecting South Africa today:
- One of Steinhoff’s biggest South African shareholders will reportedly be the first local investment group to take legal action against the company over its accounting scandal. According to Business Day, Coronation Fund Managers will take legal action against the retail group, and is currently consulting with legal minds. [Business Day]
- Unions representing hundreds of thousands of state workers have rejected government’s latest offer of wage increases, saying that it was practically the exact same offer they had rejected previously. Negotiations were supposed to have been concluded in February 2018 for implementation in April. [Bloomberg]
- South Africa’s national government is taking over the running of its troubled North West province, the National Council of Provinces (NCOP) has announced. The province’s health and treasury departments have been put under central government control and it has deployed army medics to treat hospital patients. [Reuters]
- Fraud-accused Varun Gupta has been granted permission to fly to India, as long as he is back in the country by the 26 May. The Gupta cousin has been accused, along with others, of using the Estina Dairy Farm for fraud and corruption – specifically, money laundering. He wants to leave the country for a religious pilgrimage. [702]
- The rand staged a comeback on Friday, marking an erratic week where the local unit hit a 4-month high and low against the dollar in a matter of days. The volatility was driven by geopolitical tensions which eased later in the week. On Monday, the rand was trading at R12.27 to the dollar, R16.64 to the pound and R14.67 to the euro.
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