5 important things happening in South Africa today
·29 Mar 2019
Here’s what is happening in an affecting South Africa today:
- Moody’s will deliver a review on South Africa today, with most analysts expecting the country to avoid a downgrade to full junk status, with a more likely outcome being a change in the outlook from stable to negative. However, economists believe a downgrade has already long been priced into the market. [CNBC]
- South Africa is viewed as having the worst labour relations in the world, according to the latest World Economic Forum Competitiveness Report. The country’s labour laws are heavily imbalanced in favour of workers, which makes it difficult for SMEs, and is seen as not conducive for economic growth. [ENCA]
- New SARS boss Edward Kieswetter faces an upward battle as loyalists of former head Tom Moyane allegedly sabotage operations and manipulate unions. SARS workers went on strike this week, calling for Moyane’s return. Moyane was sacked due to maladministration. [Mail & Guardian]
- Angelo Agrizzi continued to implicate power people in his state capture testimony – and has had his life threatened because of it. The former Bosasa exec has received threats to stop talking. Some of those implicated, meanwhile, have applied to cross examine him. [Daily Maverick]
- South Africa’s rand extended its fall on Thursday, tracking emerging market currencies as the Turkish lira dropped, and as traders remained cautious ahead of a Moody’s sovereign rating decision today. On Friday the rand was at R14.60 to the dollar, R19.08 to the pound and R16.39 to the euro.
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