Finance

5 important things happening in South Africa today

Staff Writer

 ·3 Oct 2019

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

• Critics have called the ANC’s response to National Treasury’s 77-page economic recovery plan empty and vague, accusing the party of being unable to commit to anything, and presenting its stance as meaning anything to anyone. The ANC held a special NEC meeting to discuss the economic plan, but did not commit to implementing any of the reforms except to allude to vague promises like “prioritising growth”. [Daily Maverick]

• South African taxpayers have continued to foot the bill for former presidents and deputies – with R59 million being spent on FW de Klerk, Thabo Mbeki, Kgalema Montlanthe, Jacob Zuma and various deputies since 2016/17. Motlanthe has racked up the largest bill, with taxpayers footing R17 million of his expenses, followed by Mbeki (R13.7 million), Zuma (R6.5 million) and De Klerk (R5.6 million). [News24]

• Another subsidiary of listed technology firm EOH has now been accused of wrongdoing – this time it’s Healthshare Health Solutions, which is accused of sabotaging a client’s business. EOH is already under scrutiny following the cancellation of contracts between it and Microsoft, with investigations pointing to a potential R1.3 billion in dodgy deals. [Moneyweb]

• Former DA leader Helen Zille supports the call for current leader Mmusi Maimane to be replaced by Western Cape premier Alan Winde. The call was made by the IRR, who, Zille says, was trying to express that race-based policies cannot be used to determine the DA’s path. She said the DA has a leadership vacuum, and has dithered on policies which have led to ‘racial confusion’ within the party. [TimesLive]

• A global slowdown remains at the top of everyone’s minds while Donald Trump has, for now, faded in to the background. The local Standard Bank PMI is due for release today, followed by the EU services PMI, retail sales and PPI, while the US is set to release jobless claims, ISM non-manufacturing numbers. On Thursday the rand was at R15.26 to the dollar, R18.78 to the pound and R16.72 to the euro.