Here’s what is happening in and affecting South Africa today:
- SAA has finally presented its finances to parliament – showing a massive R5 billion loss for the year ended March 2019. Over the last two financial years, the losses at the airline have amounted to over R10 billion, Reuters reports. SAA has not publicly published its financials for the last two years. The airline has not made a profit since 2011, and had relied on government bailouts to stay in the air. It is now requesting another R2 billion bailout. [Reuters]
- The ANC is confident it will snatch the City of Johannesburg back from the DA, with insiders reporting that it has successfully convinced the IFP to break its coalition with the DA and vote in its mayoral candidate, Geoff Makhubo. Legal opinion given to the council speaker is that a majority of 50% plus one is needed to vote in a mayor – and no party has that number (135 votes) to secure an outright victory. The ANC has 121 seats, the DA 104, the EFF 30, and the IFP, 5. [City Press]
- All Gauteng motorists want for Christmas is to know what’s happening with e-tolls – and transport minister Fikile Mbalula says they will be getting that wish. The oft-delayed announcement on e-tolls will be coming before Christmas, he said, adding that the matter is currently before cabinet. A pronouncement on the scheme was initially pegged for August. Gauteng’s provincial government wants it scrapped, but National Treasury has voiced its support for it. [EWN]
- Only two days are left for personal income tax submissions via SARS e-filing. The deadline applies to non-provisional taxpayers, as well as those provisional taxpayers who opt to file at a branch. Provisional taxpayers using e-filing have until 31 January 2020 to file. The revenue service has so far paid out R21.3 billion in tax refunds since the tax season started in July. [IOL]
- The rand extended its gains on Monday, as poor manufacturing output from the US saw the dollar tumble to a two-week low. The poor US data reignited fears that the US might very well end up in a recession in the coming 12 to 18 months. The trade war also took a new turn on Monday, as President Trump extended his tariff tirade to Latin America, but the news had little effect on the local currency. On Tuesday the rand was at R14.53 to the dollar, R18.80 to the pound and R16.10 to the euro.