Here’s what is happening in and affecting South Africa today:
- As SAA loses yet another CEO, its debt problems are quickly catching up to it, with local banks seeking timelines on when an overdue loan of R3.5 billion will get paid off before they even consider any new funding. The failed airline has been existing on bailouts for the past decade, amounting to billions of rands. [Business Day]
- While firm emigration data is tough to come by, the data that is available shows that the brain drain is very real – with just one data point showing that the number of South African engineers asking for a skills assessment to work in Australia has doubled. Other data shows there is a correlation between SA’s worsening GDP per capita rate and an increase in HNWIs living overseas. [Moneyweb]
- Public protector Busisiwe Mkhwebane says she is not harassing public enterprises minister Pravin Gordhan – as she announced that he will again be summoned to answer questions relating to his meetings with the Gupta family in the next step of her investigation into him. She says she is just doing her job. [EWN]
- Former Gupta media editor Rajesh Sundaram has testified before the state capture commission, claiming that former president Jacob Zuma was intimately involved with the setting up of ANN7 and The New Age, having several meetings with the Guptas ahead of the media group’s launch. [ENCA]
- South Africa’s rand firmed on Monday, as a weakening dollar provided many emerging currencies with some breathing space, while stocks also gained. On Tuesday the rand was at R14.46 to the dollar, R18.31 to the pound and R16.27 to the euro.