5 important things happening in South Africa today
·4 Jan 2024
Here’s what is happening in and affecting South Africa today:
- South African Post Office spending double what it earns: Communications and Digital Technologies Minister Mondli Gungubele revealed that the South African Post Office (SAPO) will record an over R2 billion net loss, with operational costs set to reach 200% of revenue. [Daily Investor]
- Russian bank fears: Jeffries, JPMorgan, Macquarie Bank, and Barclays have distanced themselves from state-owned oil company PetroSA’s deal with the Russian Gazprombank to fund the Mossel Bay gas-to-liquid refinery due to ongoing US sanctions. This is causing worry that other banking ties could be threatened. [BusinessDay]
- Transnet goes from bad to worse: The state-owned transport group extended its money-losing streak by recording a financial loss of R1.6 billion during the six months ending September. The company will be able to draw an immediate R22.8 billion from government to deal with present challenges, including the settlement of maturing debt. [Daily Maverick]
- Cholera outbreak worries: The Health department says that it is closely monitoring people re-entering the country for cholera after a number of neighbouring countries have recorded a spike in cholera cases. The health department has said that it has beefed up health screenings at borders. [EWN]
- Markets: The rand has weakened, with the dollar rebounding as traders rethink their expectations of the scale of rate cuts by the Federal Reserve this year. On Thursday (4 January), the rand was trading at R18.72 to the dollar, R23.70 to the pound, and R20.45 to the euro. Oil is trading at $78.64 a barrel. [Reuters]
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