5 important things happening in South Africa today
·14 Mar 2019
Here’s what is happening in and affecting South Africa today:
- The ANC’s election list includes the names of those caught up in the state capture scandal, or have been found by the country’s courts to have violated their oath of office. This includes Malusi Gigaba, Nomvula Mokonyane, Bathabile Dlamini and Mosebenzi Zwane. The ANC says its election lists exemplify who the party is. [City Press]
- Head counts of staff at SA’s big banks have revealed that Absa, Nedbank and Standard Bank have quietly let over 2,200 staff go over the past year, combined. This represents 2.4% of total staff at the three banks. FNB and Capitec have increased staff. [Moneyweb]
- There is a high risk of a ratings downgrade from Moody’s at the end of the month, experts say, based on the high levels of debt at South African SOEs, and the fact that there has been no actual plan for Eskom released since promises were made during the SONA and budget speeches. [ENCA]
- Embattled ICT firm EOH is in a tough spot with Microsoft. CEO Stephan van Coller said that its contracts with the US software giant are currently being investigated, and it said that it cannot help EOH until that investigation is over. It will take 6 to 12 months to complete. [702]
- South Africa’s rand weakened against the dollar on Wednesday as investors stayed away from riskier assets ahead of another British parliamentary showdown over Brexit. On Thursday, the rand was at R14.44 to the dollar, R19.14 to the pound and R16.35 to the euro.
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