Business

5 important things happening in South Africa today

Staff Writer

 ·8 Jul 2021

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

Coronavirus: In South Africa, there have been 21,427 new cases of Covid-19, taking the total reported to 2,112,336. Deaths have reached 63,039 (+411), while recoveries have climbed to 1,853,804, leaving the country with a balance of 195,493 active cases. The total number of vaccines administered is 3,819,730 (+188,628).

• Third wave: The Western Cape has warned to brace for rising death numbers in the province, while Gauteng records its deadliest week on record. Funeral parlours in the Western Cape have been warned to stock up on coffins, to avoid the same shortage experienced over December during the second wave. The province is currently in the grip of the third wave, with approximately 25,000 active cases. In Gauteng, meanwhile, the province has recorded over 4,800 natural deaths, not ascribed to Covid-19. Most of these excess deaths are likely to be as a result of the virus, however, as the rising number is in line with the peaking third wave in the province. [News24, ENCA]

• Tax affairs: Taxpayers are reminded that they need to accept or reject SARS’ auto-assessments, as this is not done automatically. Tax season for individuals started on 1 July, and the revenue service has already started sending out notices of auto-assessments. Taxpayers need to log in to eFiling to conclude their tax affairs by 23 November (31 January for provisional taxpayers), failing which the ‘estimated assessment’ will be used by SARS. This cannot be objected to or appealed. [Moneyweb]

• Powerships: Energy minister Gwede Mantashe has hinted at being open to taking extraordinary measures or a special approach to the multi-billion rand powership deal, that was blocked due to not meeting environmental prerequisites. The minister said in response to questions this week that the power situation was an emergency situation, and so contracts shouldn’t be treated as if they were an ordinary thing. He also said that he was warned that the powership deal would be met with many frustrations along the way. He restated that gas was an important source of energy and that nuclear power was still part of the country’s planned energy mix. [Daily Maverick]

• Zuma: Jacob Zuma has been arrested and has spent the first night of his 15-month sentence in custody. The former president handed himself over to the police during a dramatic countdown to the deadline set by the Constitutional Court for his arrest. Zuma’s supporters gathered at the gate to Nkandla, vowing to stop anyone from entering to arrest him; however, Zuma left in a convoy, reportedly to avoid any bloodshed on his doorstep. Police were said to be on their way to his home to arrest him at the time. The Zuma family has expressed shock and dismay at his sudden decision to turn himself in. [TimesLive]

• Markets: South Africa’s rand steadied against the dollar on Wednesday, with market attention pinned on the release of minutes from the US Federal Reserve. Investors will scrutinise the Fed minutes for further clues about when US interest rates might rise. Any sign they will rise soon tends to hurt emerging market currencies like the rand. South Africa’s net foreign reserves dipped to $51.368 billion in June, central bank data showed on Wednesday, but that did little to sway the local currency. On Thursday the rand was at R14.35/$, R16.93/€ and R19.78/£. [Reuters]