Business

5 important things happening in South Africa today

Staff Writer

 ·18 Jan 2019

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

• The state capture commission had to be suspended because of security concerns. Former Bosasa chief operations officer Angelo Agrizzi had to cut his explosive testimony short, after a former policeman under his employ slipped into the proceedings using an old ID card. Agrizzi could be targeted because of his damning testimony into the extent of corruption at Bosasa. [City Press]

• South Africans are getting poorer. Economist at Momentum Johann van Tonder says that for the past five quarters, real income per worker in South Africa has declined every time. Household wealth (in real terms) fell by R131.7 billion in the third quarter of 2018 (Q3/2018) while the amount of debt they hold increased by R9.3 billion. [702]

• Reserve Bank governor Lestetja Kganyago says SARB will no longer publicly argue around its independence, saying that its position is known and does not need repeating. He said the bank will stand for its independence and if/when a process happens to challenge that, it will deal with it. [Business Day]

• The ANC has lodged a formal complaint with the IEC over the DA’s “The ANC is killing us billboard”. The billboard itself was destroyed by ANC supporters not long after going up, while the families of the victims of Life Esidimeni and Marikana tragedies named on the board slammed the campaign as being in poor taste. [EWN]

• South Africa’s rand fell against the dollar on Thursday after the central bank left interest rates unchanged and sounded less hawkish, citing an improved inflation outlook. On Friday the rand was trading at R13.72 to the dollar, R17.81 to the pound and R15.63 to the euro.