Government

5 important things happening in South Africa today

Staff Writer

 ·19 Dec 2023

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

• More jobs at risk: Sibanye-Stillwater CEO Neal Froneman said above-inflation increases in key cost components such as electricity, water, wages, and fuel – combined with the recent decline in PGM prices – have significantly impacted the global PGM industry’s profitability, including Sibanye-Stillwater’s South Africa operations. If things don’t turn around, he added that there could be more shaft closures and, therefore, more job losses. [Daily Investor]

• Good news for petrol: According to a research note released at the end of November, PwC’s latest economic outlook has forecast that the first three months of the new year should register lower fuel price averages in comparison to the last quarter of 2023. [The Citizen]

• DStv ordered to carry E.tv and others: The Competition Tribunal has granted an application by eMedia to extend an interim relief order granted against MultiChoice by six months. This will ensure that four eMedia channels – E.tv Extra, eToonz, eMovies, and eMovies Extra – will remain on DStv for this period. eMedia argued that refusing to carry the channels is an abuse of dominance in contravention of the Competition Act. [MyBroadband]

• SA slams Israel: President Cyril Ramaphosa said the country has submitted all the relevant documentation to the International Criminal Court (ICC) to lay a complaint against Israel. This relates to the ongoing war in Gaza, which has killed thousands of people over the last two months. [EWN]

• Markets: South Africa’s rand weakened against the U.S. dollar on Monday, giving back some of last week’s gains as the dollar steadied. On Tuesday (19 December), the rand was trading at R18.58 to the dollar, R23.53 to the pound and R20.31 to the euro. Oil is trading at $78.10 a barrel. [Reuters]