5 important things happening in South Africa today

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

  • R1 billion regain: The Investigating Directorate has regained control of more than R1 billion in assets from the company that allegedly ushered the Guptas into state-owned entities, Regiments Capital. The assets are reportedly tied to the ‘capture’ of Transnet by the family. The NPA said this is a step forward for the directorate and the prosecuting authority, both of which are under increasing pressure to ensure that state capture perpetrators are found guilty. [BusinessLive]

  • Power crisis: Eskom and municipalities continue to oppose each other on the right to distribute power – and independent power producers wishing to step in are facing their own challenges. One such provider, Greenstone Energy, has applied to energy regulator Nersa for permission to distribute electricity to 18 properties near Sandton; however, this is being opposed by Eskom. In addition to nationwide load shedding, the properties Greenstone wants to distribute to are suffering additional blackouts, totalling 66 additional days over 12 months. [Moneyweb]

  • Cybercrime: According to cybersecurity company Surfshark, South Africa has one of the highest rates of cybercrime globally. In a global ranking of cybercrime threats, South Africa ranked sixth, while the UK topped the chart for the second time. South Africa has roughly 52 victims per one million internet users. The CEO of Surfshark noted that the most common cybercrime remains phishing scams, where an attacker sends a fraudulent message to trick a person into revealing personal information. [TimesLive]

  • Call for prosecution: The latest State Capture Report has provided a long list of people and entities that it recommends be pursued for prosecution. The report adds the names of about 30 individuals that it says should face the country’s courts. This brings the total across all four reports to 130. Names added in the latest report include Tony Gupta, for allegedly offering bribes; several government officials; and a slew of former executives and board members from Eskom, including former CEOs Matshela Koko, Sean Maritz, and Brian Molefe.  [Daily Maverick]

  • Markets: The oil price slipped as concerns about demand due to China’s prolonged Covid-19 lockdowns outweighed support from a possible European oil embargo on Russia over the war in Ukraine. US crude settled at $102.41 while Brent fell to $104.97 a barrel. Weak manufacturing data from China which is suffering a Covid-19 outbreak, contributed to global copper and aluminium prices falling sharply as the fear that demand for metals will soften. The rand is currently trading at R15.76/$, R16.57/€ and R19.66/£. [Nasdaq]

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5 important things happening in South Africa today