Business

5 important things happening in South Africa today

Staff Writer

 ·26 Sep 2019

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

• The Labour Court will today rule whether a planned strike in the banking industry can go ahead on Friday or not. Business Unity South Africa (Busa) approached the court on Wednesday seeking an urgent interdict to the planned action, which is expected to draw 50,000 workers in the industry out in protest of job losses. Strike leaders have said it will happen irrespective of what the court orders. [ENCA]

• Stellenbosch University’s law clinic has submitted a founding affidavit claiming that at least 12 online loan companies in South Africa are engaging in threatening and harassing behaviour after misleading consumers into taking out loans with them. The companies offer loans or help find loans, but bury small print in agreements to pay sign-up fees and monthly subscription fees. [Media24]

• Public interest group Accountability Now has approached the High Court to have public protector Busisiwe Mkhwebane declared unfit to hold office, on the grounds of having several adverse court findings against here. Parliament is still in the process of formulating a pathway to having a public protector removed. [TimesLive]

• The poor economy and local troubles are hitting South Africa’s tourism industry on both fronts, with the latest numbers showing a decline in tourists coming to the country – with a risk that 2019’s final figures will be worse than 2018 – while the data also shows that far fewer South Africans are also heading abroad for travel purposes. Sadly, tourism bodies are not seeing much hope for a recovery in 2019. [Moneyweb]

• South Africa’s rand weakened on Wednesday after the launch of a formal impeachment inquiry against US President Donald Trump rattled global markets. On Thursday the rand was at R14.98 to the dollar, R18.53 to the pound and R16.42 to the euro.