Here’s what is happening in and affecting South Africa today:
- Standard Chartered has been fined $40 million for manipulating currencies, including the rand. The fine, from New York state department of financial services, effectively strengthens the Competition Commission’s case against a slew of banks, including Standard Bank, Investec, Absa, for price fixing. [Business Day]
- President Cyril Ramaphosa said he will detail the plan for Eskom in . the “coming few days”. He said that he will announce a package of measures to stabilise as well as to improve Eskom’s financial, operational as well as structural position, and to ensure security of energy supply for the economy. [Reuters]
- Testimony before the state capture commission is further implicating former SAA chair and Zuma ally Dudu Myeni in the Bosasa bribes, with evidence being presented that places Myeni at the hotel the former Bosasa COO claims to have met her at to receive confidential documents from her. [Daily Maverick]
- A new wave of student protests are hitting some institutions in South Africa, and has already resulted in the death of one student. A student was shot and killed by private security at the Durban University of Technology. Students at DUT and Wits are protesting against financial exclusion. [ENCA]
- South Africa’s rand steadied against the dollar in late afternoon trade on Tuesday as traders awaited US President Donald Trump’s State of the Union address which could hint at progress in US-China trade talks. On Wednesday the rand was at R13.40 to the dollar, R17.36 to the pound and R15.28 to the euro.