Business

5 important things happening in South Africa today

Staff Writer

 ·26 Jul 2019

Here’s what his happening in and affecting South Africa today:

• Pressure is mounting for Public Protector Busisiwe Mkhwebane to quit, after the courts found she had lied, and civil lobby groups try to get her struck from the roll of advocates. However, Mkhwebane is pushing ahead with her apparent campaign against president Cyril Ramaphosa and his cabinet, with yet another investigation into public enterprises Pravin Gordhan, as well as new appointments at SARS. [Bloomberg, ENCA]

• Former DA leader Helen Zille says current leader Mmusi Maimane should not have lodged complaints with the Public Protector’s office when the party is holding the view that it cannot be trusted and is mot competent. The DA has been criticised for being short-sighted and opportunistic with its complaints to the Public Protector, giving her room to disrupt the Ramaphosa presidency and possibly open the door for Zuma loyalists to take power. [Business Day, M&G]

• The ANC has tabled another motion in Parliament to establish a committee to formulate legislation to allow for land expropriation without compensation. The committee that was formed in the previous parliament for the matter had lapsed before it could complete its work, so a new one has to be formed to push through the plans. [EWN]

• Following high-profile scandals at Steinhoff and Tongaat Hulett, investors are scrutinising other JSE listed companies, with Zwelakhe Mnguni, Chief Investment Officer at Benguela Global Fund Managers, now raising red flags over chemicals group Omnia, who he says is at very real risk of becoming the next Steinhoff. The group has suffered a debt explosion and seen its market cap shrink – however it has been evasive towards shareholders, providing little in the way of a plan or strategy. [702]

• South Africa’s rand fell to a two-week low on Thursday, hurt by a Moody’s report saying the government’s proposal to offer R59 billion in additional support to cash-strapped power utility Eskom was credit negative. On Friday the rand was at R14.09 to the dollar, R17.54 to the pound and R15.71 to the euro.