Business

5 important things happening in South Africa today

Staff Writer

 ·20 May 2019

Here’s what is happening in and affecting South Africa today:

• Reports indicate that Eskom has received another R12.5 billion injection to help keep it running – including a R8.5 billion payment from government’s emergency fund. Analysts are worried, however, that what’s left for the power utility to dip into may not be enough to tide it over to its year end in June. [Daily Maverick]

• Leaked messages show that a virtually unknown businessman may have curried favour with insiders at the PIC, with the aim of becoming a billionaire on pensioners’ money. Over 200 messages were leaked, and investigated by amaBhungane. [amaBhungane]

• ANC secretary general says there are “dark forces” within the ANC that are trying to distract it from the fight against so-called “white monopoly capital”. He said that the ANC will expropriate land without compensation, nationalise the reserve bank and block any privatisation of state-owned companies. [TimesLive]

• Former president Jacob Zuma is back in court today on corruption charges. His new legal team will be fighting for a permanent stay of prosecution. He is facing numerous charges, including racketeering, money laundering and corruption. [ENCA]

• South Africa’s rand weakened on Friday as most emerging market currencies retreated against a dollar lifted to near two-week highs by positive US economic data. On Monday the rand was at R14.42 to the dollar, R18.37 to the pound and R16.09 to the euro.