Here’s what is happening in and affecting South Africa today:
- While president Cyril Ramaphosa is on the right path, South Africa won’t crawl out of junk status until there are actual outcomes to positive economic policies – such as stronger economic growth and certainty on the country’s land reform agenda, says S&P. Ratings firm S&P Global held South Africa’s rating at junk with a stable outlook on Friday. [S&P]
- Preliminary findings from the investigation into VBS Mutual Bank’s decline show that politically connected middle men, who convinced municipalities to pump their money into the bank, earned massive commissions for doing the job. Some local politicians bypassed councils and proper processes in signing off the funds, it was heard. [Times Live]
- MTN and Vodacom will be squaring off in court over a multi-million rand contract with Transnet. MTN is reportedly refusing to port over thousands of numbers to Vodacom, which is taking over the contract. However, MTN claims Transnet still owes it R40 million. [IOL]
- The DA has rejected weekend reports that it was on the verge of splitting, saying that they were nothing more than rumours and gossip. The City Press on Sunday reported that at least 5 senior leaders in the party were dissatisfied with the current direction of the party, and wanted to form a new ‘truly liberal’ party, possibly led by Helen Zille. [Reuters]
- The rand weakened in cautious trade on Friday, ahead of the ratings review by S&P Global, but recovered following news that the group kept the rating level with a stable outlook. On Monday the rand was trading at R12.45 to the dollar, R16.61 to the pound and R14.60 to the euro.