Business

5 important things happening in South Africa today

Staff Writer

 ·4 Apr 2022

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

Coronavirus: In South Africa, four new Covid-19 deaths have been reported, totalling 100,050. The country has 11,781 active cases and a recovery rate of 97.0%.

• Energy tariffs: Energy regulator Nersa proposes an average increase of 7.47% in municipal electricity tariffs from 1 July. The regulator currently faces two legal cases regarding its system of tariff setting, which it opposes. In a recent meeting, an experienced member of Nersa conceded that their practice falls short in terms of the law. Nersa stated that it requires data from municipalities to create a fully-fledged methodology that will be ready by the end of April for public comment. [Moneyweb]

• Tax defaulters: The South African Revenue Service has collected more than R1.5 trillion in revenue. Commissioner Edward Kieswetter says that it will not hesitate to go after any person or entity that does not comply with tax returns. The commissioner hardened his position to go after high-profile tax defaulters when responding to a question on whether he has been lenient to entities such as the ANC. He has given the ANC a request to pay its overdue tax bill, which is just over R100 million or have its assets attached. [ENCA]

• World Bank: The World Bank is hopeful about its new relationship with South Africa and said it would work with Eskom and Transnet to support projects that can improve South Africa’s investment potential. This week, the World Banks’ vice president for East and Southern Africa will hold discussions with the National Treasury and other state-owned entities, noting that these groups could benefit from the Bank’s technical expertise and funding. [News24]

• Jacob Zuma trial: The Jacob Zuma Foundation says that processes to further delay the decade-long corruption trial of the former president remain a ‘definite option’. The long-delayed trial is scheduled to start on 11 April – however, the group may apply for a postponement on day one of proceedings. Zuma was first indicted on 20 June 2005 and has publicly maintained that he wants his ‘day in court’ to prove his innocence. However, he has been repeatedly involved in multiple cases to keep himself from court. [Daily Maverick]

• Markets: While the Russia-Ukraine peace talks dragged on, reports of Russian atrocities led Germany to say the West would agree to impose more sanctions in the coming days. The German defence minister also said that the European Union must discuss the import of Russian gas, a step that would likely send prices higher. Meanwhile, oil prices fell after the United Arab Emirates, and the Iran-aligned Houthi group welcomed a truce to alleviate supply issues. The rand is currently trading at R14.64/$, R16.18/€ and R19.21£. [Nasdaq]