Here’s what is happening in and affecting South Africa today:
- As South Africa’s big banks start reporting mid-year earnings next week, market analysts expect results to show yet another wasted year of earnings in South Africa as the ‘euphoria’ around Cyril Ramaphosa dies down, and the same low-growth economy comes through. [Bloomberg]
- Unions are refusing to accept Eskom’s wage offer, which the power utility says is its final offer. Eskom is offering a 7.5% increase and a once-off payment of R5,000. NUM and Numsa are digging in and refusing to accept, while Solidarity has accepted the offer. The deadlock has caused load shedding to return in SA. [eNCA]
- Questions have been raised about an ‘independent’ and damning report into short-sellers Viceroy, after email correspondence made it appear as if Capitec bank commissioned it and wanted to pay for it. The bank and BLSA (who owns the report) deny this, saying that Capitec had only offered to pay for it, but the offer was declines. [BusinessLive]
- The Constitutional Review Committee on land says its work is unaffected by president Cyril Ramaphosa’s recent comments on land expropriation. The committee is continuing its roadshow seeking comment from affected South Africans about what the changes could mean for them. [New24]
- The South African rand lost ground against the greenback on Thursday as a bellicose United States Federal Reserve and escalating trade tensions weighed on emerging market currencies. On Friday the rand was trading at R13.48 to the dollar, R17.55 to the pound and R15.63 to the euro.