Here’s what is happening in and affecting South Africa today:
- President Cyril Ramaphosa aims to create 275,000 jobs a year in agriculture, manufacturing and mining, through a series of deals between government and the private sector. This will be achieved by having companies focus on local procurement and an export drive on goods. [Reuters]
- Finance minister Nhlanhla Nene is coming under scrutiny for alleged dealings between his son and the state’s Public Investment Corporation. It is alleged in new reports that the PIC went out of its way to assist Nene’s son’s business partner with a $1.7 million payout. Nene denies knowing anything about his son’s business dealings. [Mail & Guardian]
- Sanral, left in the lurch by motorists refusing to pay e-tolls, will try to raise R600 million from the capital markets to fund projects. The non-payment of e-tolls has left a R6 billion hole in Sanral’s budget. The group has had to cut back on new projects and road maintenance as a result. [BusinessLive]
- The EFF wants to get rid of the legal loopholes that are allowing multinational companies to get away with “aggressive tax avoidance”. The party has tabled a members’ bill, which seeks to clearly define tax avoidance (vs tax evasion) and target the billions lost to illicit trades each year. [News24]
- South African assets weakened on Thursday as a rally in US bond yields overshadowed President Cyril Ramaphosa’s promise to create an additional quarter of a million jobs year. On Friday the rand was at R14.86 to the dollar, R19.33 to the pound and R17.10 to the euro.