Finance

5 important things happening in South Africa today

Staff Writer

 ·7 Dec 2020

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

Coronavirus: Global Covid-19 infections have hit 66.4 million confirmed, with the death toll reaching 1,530,000. In South Africa, there have been 4,116 new cases, taking the total reported to 814,565. Deaths have reached 22,206 (a daily increase of 139), while recoveries have climbed to 744,780, leaving the country with a balance of 47,579 active cases.

• Rewrite: Teachers unions and lawyers representing matric pupils are pushing back against the education department’s decision to make grade 12 learners rewrite two final papers, after they leaked ahead of the sitting of the exams. Unions accuse the department of punishing pupils for its own failure to make the exams secure, while lawyers want detailed reasoning for why the decision to rewrite was taken. The legal reps also accuse the department of punishing thousands of pupils over the actions of a few adults. [TimesLive, EWN]

• Rage: Having not heeded warnings from health minister Dr Zweli Mkhize, matric rage events have been identified as superspreader events for Covid-19. Matrics attending events in KwaZulu-Natal and Jeffery’s Bay so far, have already tested positive for Covid-19. Other events are expected to be held later this month. The health department has warned that anyone who attends such events should be treated as a possible Covid contact, and recommended they self-isolate for 10 days. [ENCA]

• Expats: South African expats who were stuck in the country during lockdown, may still be negatively impacted by the situation, despite some concessions by government to ensure they could still comply with regulations giving them tax exemption on foreign employment income. The number of days required to qualify were reduced from 183 to 117 to account for lockdown – however, business groups argue that this is not adequate, as other travel restrictions were in place, not just those in South Africa. [Moneyweb]

• Step aside: The ANC NEC meeting will continue on Monday, where the subject of members accused of corruption stepping aside will be debated. The discussion is focused on party secretary general Ace Magashule, who has been arrested on charges of fraud and corruption, but refuses to voluntarily step aside. The decision taken in the matter is seen as a key one, that will determine the integrity of the party going forward. The ANC has been pelted by fraud and corruption allegations and convictions over the last few years, and it is fighting to change its image. [Daily Maverick]

• Markets: The rand held steady at levels of around R15.20 against the US dollar this weekend, as the hope of further stimulus on US shores continued to place downward pressure on the US dollar. US non-farm payrolls came in weaker on Friday, suggesting a slowing jobs market. China’s November Balance of Trade showed the largest trade surplus on record, largely due to a surge in exports. The rand starts the day at R15.24 to the dollar, R18.47 to the euro and R20.44 to the pound. Commentary by Peregrine Treasury Solutions. [XE]