Here’s what is happening in and affecting South Africa today:
- David Mabuza is set to be sworn in as a member of parliament today, returning his eligibility to be appointed as deputy president of the country, Bloomberg reports, citing a message from the ANC parliamentary caucus. Mabuza asked for his swearing in to be delayed while he tried to clear his name of accusations of wrongdoing. [Bloomberg]
- South Africa’s Public Investment Corp ploughed R4 billion into an oil company linked to the ANC and former president Jacob Zuma – but has no record of it. Testimony before the commission of inquiry said there was no record or minutes from committee meetings justifying the investment, and is just one of many other controversial transactions. [Business Day]
- As Public Protector Busisiwe Mkhwebane faces more criticism, she has found support in a surprising quarter – from the EFF, who has previously called her a spy and said she would collapse the office. Now, the EFF are rejecting calls for her to step down, calling it an attack on a chapter 9 institution. Mkhwebane’s latest report targets Pravin Gordhan, who the EFF do not support.
- As the US-China trade war escalates, local economists are warning of the impact on South Africa’s economy. Economist Dawie Roodt said that the trade war has no winners, and emerging markets like South Africa stand to lose out, particularly in the financial markets. [MyBroadband]
- South Africa’s rand weakened slightly on Monday in subdued trading with no economic data and investors awaiting President Cyril Ramaphosa’s announcement of a new cabinet that will implement his economic reform plans. On Tuesday the rand was at R14.45 to the dollar, R18.31 to the pound and R16.16 to the euro.