5 important things happening in South Africa today
·21 Jun 2018
Here’s what is happening in and affecting South Africa today:
- Unions have rejected Eskom’s inflation-based wage offer for the next four years, and have given a counter-offer. The details of the counter-offer were not divulged. Unions went on an illegal strike last week which led to load shedding being reintroduced around the country. They were demanding a 15% wage increase. [TimesLive]
- Health Minister Aaron Motsoaledi is expected to detail the proposals for the National Healthcare Insurance, which will see the rich subsidise healthcare for the poor, and the young subsidising the old. The minister said he expects ‘hurricanes’ of protest against the plans. [EWN]
- Tiger Brands is stumped on how the deadly listeria bacteria managed to enter its plants. The group said it is nearing the end of its lean up and investigations, and said that it may never find the source of the outbreak. “We’ve checked all the things we could. It’s probably not going to be determined,” it said. [Bloomberg]
- The European Central Bank has set aside 68.9 million euros (R1.1 billion) to cover the loss on a corporate bond bought as part of its stimulus programme – which Reuters says is likely tied to debt issued by Steinhoff, which the ECB decided to sell at a loss in January. [Reuters]
- South Africa’s rand rallied on Wednesday after inflation fell more than expected and there was a recovery among emerging-market currencies spurred some profit-taking. On Thursday, the rand was trading at R13.68 to the dollar, R17.99 to the pound and R15.81 to the euro.
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