5 important things happening in South Africa today
·20 Jul 2018
Here’s what is happening in and affecting South Africa today:
- South African Airways, which is under constant financial pressure and constantly needing government bailouts, has been asked by finance minister Nhlanhla Nene to justify why it is paying interim CFO Robert Head R5 million for 6 months work. The amount, if annualised, is more than former Eskom CEO Brian Molefe was paid for his work. [Mail & Guardian]
- Billionaire Christo Wiese has responded to allegations of tax evasion against him, saying that the claim of R3.7 billion owed to SARS is tied up in dealings that no longer have anything to do with him, and the question of R217 million personally being owed by him to SARS is currently being handled through the open courts. [CNBC]
- Economists were caught off guard by the Reserve Bank’s revision of South African growth at Thursday’s rates announcement, where the forecast was cut to 1.2% from 1.7%. According to analysts this implies that South Africa’s growth will be flat in 2018, and maybe even lower than 2017’s 1.3%. [EWN]
- The Department of Water and Sanitation is expected to hold a meeting today to decide whether water restrictions in Cape Town can be eased. It was previously decided that water restrictions would only be up for review after the rainy season in September/October, or if dams reached 85% capacity before then. Levels are currently at 56%. [News24]
- South Africa’s rand weakened on Thursday after the central bank kept lending rates unchanged but warned that risks to inflation were rising and the outlook for economic growth had worsened, extending a selloff from earlier in the session. On Friday the rand was at R13.52 to the dollar, R17.62 to the pound and R15.78 to the euro.
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