Business

5 important things happening in South Africa today

Staff Writer

 ·2 Oct 2020

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

Coronavirus: Global Covid-19 infections have hit 34 million confirmed, with the death toll reaching 1,015,000. In South Africa, there have been 1,745 new cases, taking the total reported to 676,084. Deaths have reached 16,866 (a daily increase of 132), while recoveries have climbed to 609,854, leaving the country with a balance of 49,364 active cases.

• Corruption: The ANC appears to finally be taking action against members who are accused of corruption, with several arrests and councillors being barred from taking part in meetings. This is as per the ANC’s new policy asking corruption-accused politicians to step aside. In KwaZulu Natal, 11 councillors have been asked to step aside, pending the outcome of an integrity committee hearing. When some of these councillors tried to attend meetings anyway, they were blocked from entering. ANC officials have been arrested this past week, on charges of corruption. [M&G]

• Land redistribution: Analysts say the move by government to lease 500,000 hectares of state-owned land out to farmers is a positive step to address ‘land hunger’ in South Africa, and is certainly considered land redistribution, even though people will be paying. The land will be distributed on 30 year leases with the option to buy – but some experts believe this could be improved even more where the option to buy kicks in sooner, and rental contributes to the purchase. The warning is that getting land doesn’t automatically give access to finances. [702]

• Get kids to school: Basic education minister Angie Motshekga has expressed concerns that some school kids won’t be returning to school for the final term, urging parents to continue supporting their children and getting them back in classes. Teachers and pupils are back at school, preparing for the end of year tests and exams. Extra classes and extra support have also been provided to help them prepare. Matric exams kick off on 5 November. [ENCA]

• Delinquent: Delinquent director Dudu Myeni is gearing up for an extended appeals process that could last up to three years and see her case head to the Constitutional Court, challenging the court ruling that declared her a delinquent director for life. She was declared such for her mismanagement and dodgy activities during her time as SAA’s chairman. Now, however, Myeni is launching an attack at the courts themselves, saying the judge got it wrong, and was biased against her. [Daily Maverick]

• Markets: Volatility in the local currency market continues, leading to a trading range for the rand often being as wide as 50c. With the dollar set for its worst week in over a month, the rand and other emerging market currencies managed to eliminate most of the losses suffered last week. EU CPI is due today, followed by US unemployment and payroll data. On Friday the rand is steady at R16.63 to the dollar, R19.50to the euro and R21.40 to the pound. Commentary by Peregrine Treasury Solution. [XE]