5 important things happening in South Africa today
·3 Sep 2018
Here’s what is happening in and affecting South Africa today:
- South Africa may have again entered into a technical recession, though economists say that it’s a close call. Stats SA will on Tuesday publish the latest GDP data for the last quarter, showing whether we have had a second consecutive quarter of decline. [News24]
- Suspended SARS commissioner Tom Moyane believes the investigations into allegations of misconduct against him are unfair, and will take the matter to the Constitutional Court. Meanwhile, Moyane is being urged to respond to the allegations against him. He has refused. [Business Day]
- President Cyril Ramaphosa is courting Chinese investment, and is trying to reverse the damage done by US president Donald Trump’s utterances on land reform. Ramaphosa is telling investors that the land issue will be dealt with and resolved like apartheid was, sensibly, and with a peaceful outcome. [City Press]
- The South African rand is set to struggle along with other emerging market currencies this week, as Turkey is again setting the tone and direction of the market as it did in August. Turkey’s issues led to an emerging market crash in August, which dragged the rand to some of its weakest levels this year. [Bloomberg]
- South Africa’s rand firmed on Friday as traders consolidated positions after the unit fell more than 2% in the previous session alongside other emerging market currencies. On Monday the rand was at R14.71 to the dollar, R19.02 to the pound and R17.08 to the euro.
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