Finance

5 important things happening in South Africa today

Staff Writer

 ·26 Nov 2020

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

Coronavirus: Global Covid-19 infections have hit 59.88 million confirmed, with the death toll reaching 1,410,000. In South Africa, there have been 3,250 new cases, taking the total reported to 775,502. Deaths have reached 21,201 (a daily increase of 118). Recovery data was not confirmed due to Gauteng province needing to reconcile its data.

• Local lockdown: With districts in the Western Cape re-emerging as Covid-19 hotspots, officials are again considering tighter lockdown restrictions on a localised level. WC premier Alan Winde said he would meet with cabinet on Friday to discuss what measures can be taken to stop the spread of the virus in the province. The province is considering a ‘mini-lockdown’, tightening movement in hard-hit areas – however this mechanism is not yet in place. It also wants more visible policing in areas where current lockdown measures are not being adhered to. [EWN]

• Strike: Some healthcare facilities may be operating with limited staff today, as Nehawu affiliated workers are set to down tools in a nationwide strike over the non-payment of the agreed 2020 wage increase, and poor working conditions for medical staff amid the Covid-19 crisis. Nehawu claims that on top of reneging on wage agreements, government has also not paid healthcare workers for overtime during hard lockdown. The union also wants temporary staff to be given permanent positions. [ENCA]

• Insurance: Insurer Old Mutual is the latest big cover-provider to lose in court over payouts related to business interruption as a result of the Covid-19 pandemic and subsequent lockdown. The Western Cape High Court has ruled that Old Mutual must pay out a disputed claim for lockdown-related losses. Insurers are arguing that business interruption coverage does not include lockdown. Santam and Guardrisk faced similar court cases and lost. The rulings in those cases are being appealed, with a ruling expected before year end. [Moneyweb]

• Fitness: National Assembly Speaker Thandi Modise announced on Wednesday that retired Constitutional Court judge, Justice Bess Nkabinde, will chair a three-person panel which will independently assess the fitness of public protector Busisiwe Mkhwebane to hold office. Mkhwebane has had a punishing run in the position, losing many high profile court cases over her reports and recommendations, with many scathing reviews of the quality and efficacy of her work. [EWN]

• Markets: Widespread dollar weakness continues to bolster the rand as the US heads into Thanksgiving celebrations. The minutes of the November Federal Reserve FOMC meeting were issued last night, indicating ongoing concern for the US economy. Local PPI is due today, followed by the ECB monetary policy statements. The rand starts the day soaring at R15.13 to the dollar, R18.04 to the euro and R20.26 to the pound. Commentary by Peregrine Treasury Solutions. [XE]