5 important things happening in South Africa today
·7 Nov 2018
Here’s what is happening in and affecting South Africa today:
- Tom Moyane has given president Cyril Ramaphosa until Friday to reverse his decision to fire him, or else face a Constitutional Court battle to have it dismissed. Moyane has maintained that the allegations against him are unfair, and has threatened to fight any attempt to fill his former position. [702]
- The head of the e-toll collection company says that by 2037 a commute from Johannesburg to Pretoria will take 6 hours if the next phase of the Gauteng Freeway Improvement Project doesn’t start soon. Construction has been blocked due to finance issues from Gauteng motorists refusing to pay e-tolls. [Moneyweb]
- Parliament has let home affairs minister Malusi Gigaba off the hook, by apologising to him and not grilling him over the Oppenheimer Fireblade saga, or why he lied under oath. Gigaba was summoned to parliament to answer questions on the matter, but left answering nothing. [EWN]
- Ratings agency Moody’s has warned South Africa and other emerging markets of high risks due to weak institutions and political risks. The warning comes after Moody’s labelled South Africa’s mid-term budget as ‘credit negative’. The group has not yet issued a rating notice for South Africa following the budget. [IOL]
- South Africa’s rand fell on Tuesday and stocks snapped a four-session winning streak, with markets favouring caution ahead of US midterm Congressional elections as policy decisions that could sway the world’s largest economy hinge on the results. On Wednesday the rand was at R14.03 to the dollar, R18.43 to the pound and R16.08 to the euro.
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