5 important things happening in South Africa today
·7 Mar 2019
Here’s what is happening in and affecting South Africa today:
- Absa is restructuring its South African business, which may lead to job losses. According to reports, around 830 jobs are at risk. The restructuring is part of a strategy shift at the bank – however, the new direction may also see the bank hire 340 new positions filled. [Bloomberg]
- The costs of the state capture commission are racking up, with taxpayers footing the R500 million bill for its operations, but also for some of the legal costs of the witnesses and implicated officials being called – including former president Jacob Zuma. [Business Day]
- While South Africans are feeling petrol price pain this month, and likely next month due to tax hikes, the forecast for the rest of the year looks subdued. Only two events could lead to a dramatic rise in the price, being the rand weakening significantly, or the oil price shooting up to $100 a barrel. [Moneyweb]
- South Africa is currently experiencing a nationwide shortage of vaccines for diphtheria and tetanus, leaving many parents anxious. The shortages are a global issue, with the DT vaccine in particular no longer produced. A replacement vaccine is currently available, but only in private healthcare, not yet public. [City Press]
- South Africa’s rand weakened against the dollar on Wednesday, weighed down by a souring growth outlook as the continent’s most advanced economy continued to show signs of slowing down. On Thursday the rand was at R14.26 to the dollar, R18.79 to the pound and R16.12 to the euro.
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