Here’s what is happening in and affecting South Africa today:
- South Africans can expect a number of big increases this week, starting today with water and sanitation tariff hikes, electricity increases and also a petrol price hike kicking in on Wednesday. The petrol price hike in particular will likely have knock-on effects, economists say. [EWN]
- The extent of Steinhoff’s deception has been made clear in the group’s restated financials for last year – showing that instead of a €900 million operating profit, the group made a loss of over €160 million – meaning the company effectively lied about losing R16 billion. [Moneyweb]
- The ANC has said its intent with land redistribution in South Africa is to be stability through certainty about the process, while balancing the demands of the people and the fears of land owners and investors. The party said it does not intent to nationalise the land (under state control) but to redistribute it to citizens. [Bloomberg]
- As commentary floods in around the National Health Insurance plan, health minister Aaron Motsoaledi has inadvertently identified one of the key problems the systems faces: a severe lack of healthcare professionals. The minister said that SA state hospitals have top-of-the-line equipment, but no doctors to use them. [Times Live]
- South Africa’s rand was firmer on Friday ahead of trade and budget data, advancing for a second consecutive session as a pause in the dollar’s recent rally and fresh demand for local bonds supported the currency. On Monday, the rand was trading at R13.74 to the dollar, R18.10 to the pound and R16.00 to the euro.