Business

5 important things happening in South Africa today

Staff Writer

 ·10 Aug 2022

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

• Leaked document: The South African National Defence Force (SANDF) has clarified reports this week about putting 200 troops on standby amid increasing incidents of civil unrest. The SANDF said that the leaked document that made its way into the hands of the media was an internal planning notice and not a deployment order. Only the president can deploy troops, it said, adding that its role is keeping the peace, not acting against the people of South Africa. The notice was not meant for public consumption. [Daily Maverick]

• Tender deadline: Road agency Sanral is under pressure to reissue five cancelled tenders before the end of September. Experts have questioned the agency’s ability to process the tenders and make a decision on such a tight timeline, with some submission deadlines falling a week before the end of that month. A former Sanral boss said it would take a skilled team at least two months to go through the tenders – but Sanral now wants to get it done within seven days. The tenders are for projects valued at R17.4 billion. [Moneyweb]

• Draw the line: Power utility Eskom has cut off power to an Eastern Cape village after its technicians in the area were threatened at gunpoint to reconnect illegal connections to the grid. Citing the business risk of operating in the area, Eskom opted to stop services altogether. The group has lost over R285 million to electricity theft in the province and often sends technicians to areas of irregular load to check for and repair vandalised equipment. [News24]

• Phala Phala: President Cyril Ramaphosa ‘only’ has $600,000 (R10 million) stolen from his Phala Phala game farm – significantly less than the $4 million (R66 million) reported by many media outlets. The amount was reportedly paid to the game farm manager for a buffalo, allegedly bought by a Dubai buyer. Information received by News24 also indicated that other aspects of the initial reports were inaccurate, such as the money being stored under a mattress. Details have been submitted to the Public Protector. [News24]

• Markets: The South African rand gained against the dollar on Monday, erasing Friday’s loss, as the US currency weakened on global markets. Investors are waiting for Wednesday’s US inflation data for more indications about the Federal Reserve’s next policy moves. On Wednesday, the rand was trading at R16.60/$, R16.96/€ and R20.06/£. Brent crude is trading at $96 a barrel. [Reuters]