5 important things happening in South Africa today
·19 Sep 2018
Here’s what is happening in and affecting South Africa today:
- The blows keep coming for Eskom, which says it has to delay the completion of its long-term turnaround strategy amid coal issues, liquidity problems and labour unrest. The strategy was to be completed at the end of September, but has now been pushed back to November, unsettling investors. [Reuters]
- The Organisation for Economic Co-operation and Development (OECD) has labelled South Africa’s economy the worst performer among the G20 nations, registering only 0.5% growth in the second quarter year on year, against the 3.7% G20 average. South Africa has entered into recession, following a second quarter of decline. [IOL]
- On the second day of testimony from SA banks in the state capture inquiry, Absa and FNB said they refused to meet with the ANC and government committee on the issue of shutting down Gupta accounts. FNB in particular questioned by the government was getting involved with bank-client relations. [Business Day]
- In a new ranking of the most investable countries in Africa, South Africa isn’t coming out on top, with Egypt seen as the most attractive nation for investors. South Africa ranks second overall – but Mauritius has come out as the easiest place to invest. [702]
- South Africa’s rand gained on Tuesday as broad dollar weakness supported investor appetite for riskier assets after Washington imposed additional tariffs on Chinese imports and Beijing retaliated. On Wednesday the rand was trading at R14.85 to the dollar, R19.54 to the pound and R17.35 to the euro.
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