Business

5 important things happening in South Africa today

Staff Writer

 ·7 Sep 2018

Here’s what is happening in and affecting South Africa today:

• The Guptas have so far refused to return to South Africa to testify in the state capture commission, requesting that they be allowed to do so via video from Dubai. The evidence leader argues they want special treatment outside the reach of South African law. Judge Zondo will rule on the matter next week. [Daily Maverick]

• If government scraps e-tolls, the over R40 billion in debt owed for the project may become immediately payable – which could devastate the economy. This is according to the Kapsch-owned ETC, which is contracted to collect e-tolls in South Africa. [702]

• Despite the latest GDP data showing otherwise, some economists believe that South Africa is not in recession. Looking at the country’s GDP data year on year (as the OECD does), rather than quarter on quarter, the numbers show growth. Year on year, Q2 GDP grew by 0.4%. [News24]

• Nigeria’s central bank has debited banks linked to its demand for MTN to pay back $8.1 billion for ‘expatriating dividends’. The banks have been accused of helping MTN do so, and are still trying to appeal to the bank despite the debits. [Reuters]

• The South African rand firmed on Thursday after data showed the country’s current account deficit was narrowing more than expected and as other emerging market currencies picked up. On Friday the rand was trading at R15.30 to the dollar, R19.78 to the pound and R17.79 to the euro.