5 important things happening in South Africa today

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

• Ramaphosa announces climate mitigation fund: President Cyril Ramaphosa delivered his State of the Nation Address, in which he announced that the government will establish a climate response fund to address the economic and social damage associated with harmful weather events.[BusinessDay]

• Farmer wants a price: Pick n Pay has argued that farmers still have negotiating power with retailers when it comes to securing sustainable prices, unlike their European counterparts. The retailer said this at the Fresh Produce Market Inquiry led by the Competition Commission, which came on the back of major food price hikes across the country. [News24]

• South African manufacturing remains subdued: South Africa’s manufacturing sector has shown marginal growth in December, with it set only to have a diminutive impact on the country’s Gross Domestic Product (GDP) figure for Q4. [BusinessTech]

• EFF turns to ConCourt over parliament’s Phala Phala report decision: The Economic Freedom Fighters (EFF) have submitted documents to the Constitutional Court to challenge the decision made by the National Assembly, calling the decision not to adopt the Section 89 Independent Panel’s report on Phala Phala, and to not refer it to the Impeachment Committee unlawful and unconstitutional. [The Citizen]

• Markets: The rand weakened on Thursday ahead of President Cyril Ramaphosa’s annual State of the Nation Address. On Friday (9 February), the rand was trading at R18.97 to the dollar, R23.92 to the pound, and R20.45 to the euro. Oil is trading at $81.44 a barrel. [Reuters]