Here’s what is happening in and affecting South Africa today:
- Cyril Ramaphosa has been sworn in as president, and promises to be a president for all South Africans. The swearing in of MPs had a few dramatic twists, with several high profile and controversial politicians withdrawing, and former deputy president David Mabuza asking for his swearing in to be delayed. [Business Day]
- The South African Reserve Bank’s Monetary Policy Committee is expected to reveal its decision on rates today, with many expecting the body to keep rates unchanged at 6.75%. CPI for April is at 4.4%, and well within the SARB’s target range, which means a hold on rates is most likely, analysts say. [News24]
- Following yet another court ruling declaring Public Protector Busisiwe Mkhwebane’s reports unconstitutional, civil group Outa wants the advocate removed from her role. Outa wants an ad hoc committee to investigate Mkhwebane and have her declared unfit for office. [ENCA]
- Panasonic has become the latest brand to drop its association with Huawei, joining other major firms that have abandoned the group following US sanctions on it due to security concerns. Huawei said it has a Plan B, and will continue to support devices in South Africa and other markets. [MyBroadband]
- South Africa’s rand steadied on Wednesday as markets positioned for the release of minutes from the US Federal Reserve, giving more clues on the US interest rate outlook. On Thursday the rand was at R14.40 to the dollar, R18.21 to the pound and R16.05 to the euro.