5 important things happening in South Africa today

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

  • Ratings downgrade: Economists have warned that South Africa’s stage 6 load shedding is likely to stamp out any green shoots for the economy and could ultimately lead to more credit ratings downgrades. Old Mutual Wealth Investment strategist Izak Odendaal said the severity of stage 6 load shedding would have a proportional effect on its impact, with outages of a week or more meaning a downgrade is more likely. [News24]

  • More strikes to come: Analysts have warned that the wildcat strikes at Eskom are likely to lead to more labour unrest in the coming weeks. This is due to a culmination of factors as workers across different sectors are battered as wages shrink amid unaffordable rising prices. [EWN]

  • Mandatory vaccinations: The National Education, Health and Allied Workers Union (Nehawu) is rejecting an instruction for staff to get the Covid-19 vaccine or have PCR tests prepared at their own expense before entering parliament. The union, representing the majority of parliament’s workforce, said it is a ‘unilateral and draconian top-down decision’. [TimesLive]

  • Vast money laundering networks: The latest Zondo Report shows the Gupta family relied on a vast international money laundering network that criminals accessed with the South African authorities doing nothing as a result of ignorance or intent. The family’s enterprises used the networks to capture key state entities with kickbacks facilitated through the laundering companies. [Moneyweb]

  • Markets: The South African rand gained against the dollar early on Tuesday as the US dollar dipped as a result of less aggressive rate hikes beings forecasted. Local and international investors are set to address recent quarterly formal sector employment data from Statistics South Africa and the South African Reserve Bank’s quarterly bulletin to analyse the state of the South African economy.  The rand is currently trading at R16.09/$, R16.88/€ and R19.60/£. [Nasdaq]

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5 important things happening in South Africa today