Business

5 important things happening in South Africa today

Staff Writer

 ·19 Aug 2019

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

• It’s too late to challenge the new driving laws, says transport minister Fikile Mbalula. Civil action groups have vowed to challenge the new laws on every level, claiming they are aimed at generating revenue, not making the roads safe, however Mbalula has also denied this. The new laws were signed by the president earlier in August and will come into effect once gazetted. [ENCA]

• One of the many criticisms levelled against South Africa’s National Health Insurance is that it will open the R500 billion-plus fund to rampant corruption. However, one of the consultants to the scheme says that it’s baffling that people think corruption is a public sector problem and now – in the wake of State Capture – is the perfect time to launch the scheme, because it will be under so much scrutiny. [Daily Maverick]

• The so-called ‘Please Call Me’ inventor Nkosana Makate has revealed that Vodacom offered him a R47 million package for the idea, following a court ruling that he should be compensated. Makate, however, wants 5% of the total revenue generated by Vodacom in the decade it has used to concept – around R10 billion. Vodacom rival MTN holds the patent for the Please Call Me and launched it months before Vodacom. [Moneyweb]

• The Fourth Industrial Revolution is already here, an expert says, and government’s attempts at slapping a bandaid on its unemployment crisis will not work. South Africa has a skills crisis on its hands, which needs to be addressed at a basic education level. Further, graduates are struggling to find employment because their qualifications are not matched to the demand for skills in the 21st century. [Fin24]

• A slight move weaker in the overnight session puts the rand back at just below the R15.30/$ mark. Risk sentiment seems to be on the up as a glimmer of hope for stimulus lies on the horizon following the inversion of the US yield curve. At the same time, the Chinese central bank lowered corporate borrowing costs over the weekend following a slew of poor economic data. On Monday the rand was at R15.27 to the dollar R18.56 to the pound and R16.94 to the euro.