Business

5 important things happening in South Africa today

Staff Writer

 ·7 Oct 2020

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

Coronavirus: Global Covid-19 infections have hit 35.5 million confirmed, with the death toll reaching 1,042,000. In South Africa, there have been 1,072 new cases, taking the total reported to 683,242. Deaths have reached 17,103 (a daily increase of 87), while recoveries have climbed to 616,857, leaving the country with a balance of 49,282 active cases.

• Strike: Union federations are expected to strike today, disrupting business and services across all sectors. The unions say that no one is exempt from the strike actions, and are calling on all workers – from teachers, to nurses and doctors and public service employees – to stage a nationwide walkout. The unions are protesting government’s failure to honour wage agreements, corruption and looting of state resources, and inadequate protections against Covid-19 in the workplace. [BusinessLive]

• Second wave: Health minister Dr Zweli Mkhize says that a second wave of Covid-19 infection in South Africa is just speculation at this stage, with no indications that the rate of infection is getting worse. However, he said that the country could still be facing such a scenario – which has become a reality in other countries, particularly in Europe – and if such an event happens, South Africa will be prepared. He said that there is a plan in place, and again cautioned South Africans to continue protection measures. [TimesLive]

• Flying: After some confusion over South Africa’s new open border regulations, flights have resumed for Emirates. The airline was forced to cancel some flights after the country’s regulations were announced less than 24 hours before they were to take effect, leaving companies scrambling. The issue came in with the testing of flight crew, which need to be tested and cleared for Covid 72 hours in advance. The regulations caught many companies off guard, but appear to be resolved at this stage. [Moneyweb]

• Election: A draft law to change South Africa’s elections to allow independent candidate to contest appears to be a long way away, with minister of home affairs, Aaron Motsoaledi – who has claimed the right to pen the draft – yet to present anything to cabinet. Motsoaledi says that changes to the Constitution will be required to give effect to the law. The process is in the early stages, but need to be in place by 2022, as the Constitutional Court gave government just two years to implement its ruling. [Daily Maverick]

• Markets: The dollar gained some ground overnight after US president Donald Trump postponed talks for additional economic stimulus until post the election. Locally, a nationwide strike is due to take place today, as labour unions join forces to protest unemployment and corruption, amongst other issues. The rand is trading at R16.66 to the dollar, R19.55 to the euro and R21.47 to the pound. Commentary by Peregrine Treasury Solutions. [XE]