5 important things happening in South Africa today
·13 Jun 2018
Here’s what is happening in and affecting South Africa today:
- Eskom says it will keep the lights on in South Africa despite threats from workers to shut power across the country as they demand pay hikes as high as 15%. Unions NUM and Numsa are joining forces to run lunch-time pickets this week, saying they will go to the office of the president if Eskom does not comply.
- More creditors have agreed to give crisis-hit Steinhoff breathing room to restructure over R140 billion in debt, as the group continues to fight for its survival. The group revealed holes in its finances six months ago, which sent the group’s share price crashing, leaving it on the edge of collapse. [Reuters]
- Social grants group Sassa has uncovered over 4,000 fraudulent social grants beneficiaries in its latest transition to a new payments system. The group said it managed to identify the fraudulent transactions before they were made. The beneficiaries were not fake, but rather the amounts being paid were manipulated to be higher. [EWN]
- Former president Jacob Zuma’s refusal to fade into to the political background is causing fresh divisions within the ANC, analysts say, which is preventing president Cyril Ramaphosa from implementing his reform strategy with full effect. [Bloomberg]
- South Africa’s rand fell for a fourth successive day on Tuesday, trading near a six-month low before retail sales and mining data later in the week. On Wednesday the rand was trading at R13.33 to the dollar, R17.82 to the pound and R15.67 to the euro.
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