Here’s what is happening in and affecting South Africa today:
- Investors are worried that South Africa’s time is up, and a Moody’s downgrade is on the way. While local markets took a beating this week due to international turmoil, analysts say the proverbial chickens are coming home to roost in South Africa as well, with worries over Eskom and the country’s inability to raise revenue causing ratings agencies to become more vocal about the threat of a downgrade. [IOL]
- Public protector Busisiwe Mkhwebane has submitted records of president Cyril Ramaphosa’s campaign donations to the registrar of the court, despite being being told to do so only with the office of the deputy judge president, while questions over how she attained the records remain. Her office said the documents were submitted before the order came through, and that she denies using illegal channels to get the documents. [Mail & Guardian]
- Several Eskom veterans are reportedly eyeing the power utility’s top job, after former CEO Phakamani Hadebe vacated the position at the end of July. Some names that have been reported to be looking at, or are said to be considered for the job are former CEO of LNG Canada, Andy Calitz; Eskom’s former head of group capital, Dan Marokane; and former CEOs Brian Dames and Jacob Maroga. [Bloomberg]
- Despite deploying some 1,300 soldiers to fight gang violence in Cape Town, the murder rate has remained the same, with 47 deaths recorded over the second weekend in August. This is even higher than the 43 deaths recorded over one weekend in July. There have been over 1,000 arrests. Cape Town has one of the highest murder rates in the world, sitting at about 69 people killer per 100,000 population. [BusinessLive]
- South African stocks slipped to a near six-month low on Wednesday after the US Treasury bond yield curve inverted for the first time since 2007, reflecting concerns over the outlook for the world’s biggest economy. On Thursday the rand was trading at R15.38 to the dollar, R18.54 to the pound and R17.14 to the euro.