5 important things happening in South Africa tday
·27 May 2019
Here’s what is happening in and affecting South Africa today:
- The announcement 0f president Cyril Ramaphosa’s new cabinet has been delayed to later in the week, the presidency has said. It was widely expected that Ramaphosa would announce his new team today, but this has now been moved to an unspecified time later this week. [The Presidency]
- The Public Protector says that people she rules against are welcome to take her to court to challenge her findings. This after her latest report found Pravin Gordhan had acted unlawfully in granting early retirement for Ivan Pillay at SARS. The courts have already overturned a few of her recent findings. [Mail & Guardian]
- Old Mutual shareholders have rejected the group’s remuneration plans at the AGM, failing to secure the 75% needed to approve the payments. Chief executive Peter Moyo, who has parted ways with the group after being suspended on Friday, was estimated to receive over R31 million as part of the plans. [Moneyweb]
- National Treasury says it does not expect South Africa’s new carbon tax to push up electricity prices – but fuel prices will be hit. The carbon tax has been officially signed into law, and the first phase will run until 2022. Motorists will see an immediate impact, paying around 10 cents per litre more for fuel next month. [Reuters]
- South Africa’s rand firmed on Friday, regaining some ground after dropping a day earlier, when the central bank kept lending rates unchanged in a decision that divided policymakers. On Monday the rand was at R14.41 to the dollar, R18.35 to the pound and R16.15 to the euro.
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