Here’s what is happening in and affecting South Africa today:
- Questions on how South Africa’s banks missed the alleged laundering of hundreds of millions of rands by Gupta linked shelf companies has been met with a shrug by the South African Reserve Bank. Shiwa Mazibuko from the SARB’s financial surveillance unit said that activity in those accounts should have raised red flags with the banks in question, but there was no clarity on what action was taken, if any. [Daily Maverick]
- Political interference is being pegged as the main reason CEOs are leaving state-owned companies – with accusations aimed at public enterprises minister Pravin Gordhan in particular, for getting too involved with the direct management of the companies, instead of guiding board appointments instead. This was named as a reason for SAA boss Vuyani Jarana calling it quits, while Eskom insiders say the same. [City Press]
- The DA says its policy regarding working with the EFF in major metros has not changed, for now. While the DA and EFF are not in a coalition, the latter did help DA mayors get elected in the Tshwane and Joburg metros. The EFF has expressed interest in taking over the mayorship of Tshwane. The DA said it handles cooperation with the EFF on a policy-by-policy basis. [Business Day]
- MultiChoice Group – which was spun off from Naspers earlier this year – says it expects to swing to a headline loss this year, hurt by foreign exchange losses and a charge on a stake disposal at its South African business. It says it expects to post a headline loss of between 324 cents and 390 cents per share for the year to March 31, compared with 410 cents for the previous year. [Reuters]
- South Africa’s rand started the week firmer against the dollar, recovering some ground on Monday after steep losses last week although a number of economic data releases in the coming days could knock it back off track. On Tuesday, the rand was at R14.80 to the dollar, R18.77 to the pound and R16.75 to the euro.