5 important things happening in South Africa today

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

  • Shopping spree: Annual results published by South Africa’s popular retailers over the last few weeks show that they are only recently recovering from lockdowns and civil unrest, but data from Statistics South Africa shows that consumers are shopping more than ever. The latest StatsSA report on retail sales shows that sales increased by 7.7% in April year-on-year with a 3.4% in constant 2015 prices compared to a year ago. [Moneyweb]

  • SARB to not follow US: Alexander Forbes economist Isaah Mhlanga said that the South African Reserve Bank (SARB) would not follow the US’s aggressive interest rate hike. The US announced its most significant interest rate hike since 1994 at 0.75%. Mhlanga noted that the SARB has already hiked domestic interest rates by 50, which was not as high as in the US or Europe. Mhlanga believes the SARB will be kinder to South Africans when it makes its next interest rate decision. [EWN]

  • Medical intern delay: Hundreds of aspirant healthcare professionals are in limbo as the health department is yet to begin accepting applications. Future service doctors and medical interns are due to take up posts on 1 July. The situation could delay dozens of young medical school graduates from qualifying as doctors and deprive institutions of much-needed staff. [BusinessLive]

  • Game-farming: South African wildlife ranchers say that the outbreak of public anger around the theft of forex from President Cyril Ramaphosa’s Limpopo game farm has unfairly tainted the industry, raising questions around the taxation of profits as well as the legal implications of accepting cash payments for game trade. [Mail&Guardian]

  • Markets: Global stocks dipped again on Thursday, and government bonds hovered near multi-year highs after a series of rate rises from central banks across the globe rekindled fears that aggressive policy tightening could drag economies into recession. The rand is currently trading at R15.97/$, R16.81/€ and R19.66/£. [Nasdaq]

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5 important things happening in South Africa today