Business

5 important things happening in South Africa today

Staff Writer

 ·15 Sep 2022

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

• Wealthy emigrate: The loss of wealthy South Africans to emigration is becoming one of the biggest worries for insurers in the country, who are losing inputs to their savings pools as a result. Momentum Metropolitan CEO Hillie Meyer said that as the wealthy leave the country, the remaining client base is under more pressure as fewer people can afford savings and retirement products. Industry experts have raised red flags around the country’s richest leaving. [BusinessLive]

• Worth the paper: A recent study comparing South Africa’s National Senior Certificate to five other international qualifications has found that it is on par with international standards but often has a different focus. The study looked at qualifications from Kenya, New South Wales, Cambridge and Zimbabwe, and an international certificate. South Africa differed most with maths and science, where the focus was on spatial rather than mechanical applications, and chemistry and physics were combined. [TimesLive]

• Vaccines: The South African government is planning to dispose of 8.5 million Pfizer Covid vaccine doses at the end of October – a staggering figure that, experts say, shows how the country’s vaccine campaign missed the mark. The country has a stockpile of 10.1 million Johnson & Johnson vaccines that will expire between June and September 2023, which are also now in question. The government aimed for a 70% vaccination rate but only managed around 35%, data shows. [News24]

• Phala Phala: Former Chief Justice Sandile Ngcobo will lead an independent panel to consider whether President Cyril Ramaphosa should face an impeachment inquiry. Speaker Nosiviwe Mapisa-Nqakula announced on Wednesday night that Ngcobo, former Gauteng division judge Thokozile Masipa, and University of Cape Town law professor, Richard Calland, will consider the evidence related to an alleged cover-up of a robbery on the president’s farm. [EWN]

• Markets: The rand took a big hit after the US CPI numbers this week, closing 2.0% weaker in line with a massive sell-off in EM currencies. US CPI for August came out at 8.3% YoY vs market estimates of 8.1% but still down from July’s 8.5%. What spooked the market was the rise of 0.1% in the MoM figure, which was expected to fall due to the sharp drop in gasoline prices. On Thursday, the rand was trading at R17.49/$, R17.42/€ and R20.13/£. Brent crude is trading at $94 a barrel. [TreasuryOne]