Business

5 important things happening in South Africa today

Staff Writer

 ·8 Jun 2018

Here’s what is happening in and affecting South Africa today:

• Crisis-hit SAA is spending millions on its executives and consultants – all while asking government for billions more in bailouts. According to the Mail & Guardian, the airline is paying new CEO Vuyani Jarana a R6.7 million salary, and R25 million to Deutsche Bank to analyse financials and restructure debt. Jarana said it is necessary to address a skills shortage. [M&G]

• Public enterprises minister Pravin Gordhan says there are no plans to privatise Eskom. The power utility is facing major liquidity issues and has faced major changes in a bid to stabilise its business. The group is trying to instil confidence among its customers; however, employees are unhappy, with Eskom rejecting calls for a salary hike. [City Press]

• President Cyril Ramaphosa has asked Afrikaners to not view government’s plans for land reform as a threat, but rather as an opportunity to use the land to its fullest for the greatest economic benefit for all – and as a way to make reparations for the past. [Reuters]

• Support for former president Jacob Zuma is building ahead of his court appearance on charges of fraud and corruption. Zuma is expected to appear in court again today, though his trial date has not yet been set. Supporters claim there is a conspiracy to tarnish his name. [EWN]

• South Africa’s rand sunk to its weakest level in more than five months on Thursday as sentiment toward the currency was soured by a combination of poor economic growth and investors fleeing emerging markets. On Friday the rand was at R12.99 to the dollar, R17.43 to the pound and R15.33 to the euro.