Here’s what is happening in and affecting South Africa today:
- President Cyril Ramaphosa will be taking the latest Public Protector findings against him on review. The latest report found that Ramaphosa had deliberately misled Parliament over donations his presidential campaign had received ahead of the ANC elective conference, accusing the president of violating the constitution. However, Ramaphosa said the findings were irrational and incorrect, and outside the scope of the PP’s powers. [Reuters]
- Finance minister Tito Mboweni will table the special appropriations bill for Eskom this week, which will finally unveil government’s plan to rescue the crisis-hit power utility. Analysts believe the plan will be made up of two arts, focusing on short-term relief – likely bailouts in the short term – as well as detail on a longer-term solution. The latter will be key for investors and ratings firms. [IOL]
- New research by New-York-based Real Capital Analytics shows a growing trend of capital flight from South Africa, with SA-headquartered property investors sending R68 billion overseas through investment in 2018. Listed property funds’ portfolios are now have 47% foreign exposure, compared to barely any a decade ago. [Moneyweb]
- After a week of drama and confusion with claims of spying and international interference from president Jacob Zuma, the state capture commission will now turn its attention to the Estina dairy farm project in the Free State, in which it is alleged that R30 million in state funds was laundered by Gupta companies. Around 100 black emerging farmers were promised five cows each as part of the empowerment scheme but never received them. [News24]
- South Africa’s rand weakened on Friday, giving back some of the big gains from the previous session as expectations of an aggressive interest rate cut by the Federal Reserve cooled, prompting investors to pocket end-of-week profits. On Monday the rand was at R13.93 to the dollar, R17.42 to the pound and R15.63 to the euro.