5 important things happening in South Africa today
·4 Mar 2019
Here’s what is happening in and affecting South Africa today:
- While Eskom continues to suffer a major liquidity crisis, illegal electricity syndicates continue to work inside and outside the company to keep illegal connections alive. These syndicates re-connect lines that have been cut off due to non-payment. [EWN]
- The ANC has denied that it has been bullying the SABC, saying weekend reports about a meeting it had with the broadcaster was pushing a false narrative. The party said it meets with all broadcasters to discuss coverage, and last Friday’s meeting was business as usual. [News24]
- Edcon says that after its R2.7 billion lifeline from stakeholders, it can now improve its business and become more competitive. CEO Grant Pattison said the group will reduce its retail footprint by a third, and move to sell more profitable ranges. [Business Day]
- The Guptas are allegedly trying to pull one last R1 billion out of South Africa, with a business tied to them through marriage, fighting to have its stake in Optimum coal mines secured. The business is reportedly 50% owned by the man who married the Guptas’ niece in the infamous 2013 Sun City wedding. [City Press]
- The South African rand extended losses against a stronger dollar on Friday, after breaching the R14.00 to the dollar mark in the previous session, as doubts over the fate of a US-China deal. On Monday the rand was at R14.17 to the dollar, R18.76 to the pound and R16.10 to the euro.
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