5 important things happening in South Africa today

 ·8 Mar 2024

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

  • Pravin Gordhan announces retirement from politics: Public enterprises minister Pravin Gordhan has revealed that he will retire from active politics at the end of the sixth administration. In an interview with Business Day, Gordhan shared his desire to prioritise his family and health, saying that he would no longer be available to be on the ANC’s party list of electoral candidates. [Business Day]

  • Eskom’s major morale problem: Eskom’s staff are frustrated and unmotivated and work in an environment characterised by indifference, ignorance, and blame-shifting. This is feedback from the German consultancy group VGBE Energy, which the National Treasury commissioned to recommend how Eskom can improve its performance. [Daily Investor]

  • Threats of litigation over bill could impact poll date: Opposition parties are calling for discussions among parties to avoid potential legal action against the Electoral Matters Amendment Bill, which alters the funding formula for political parties and independents represented in legislatures. If discussions among parties are unsuccessful, it could lead to court challenges, which may impact the 2024 election date. [Daily Maverick]

  • Bheki Celeordered to pay R93 million in damages: The Minister of Police, Bheki Cele, was found vicariously liable and ordered by the Pretoria High Court to pay R93 million in damages to the underwriters of Nedbank, whose money was stolen by members of the police service in 2014. [Business Day]

  • Markets: The rand firmed on Thursday against a weaker U.S. dollar after the U.S. Federal Reserve Chair suggested likely rate cuts. On Friday (8 March), the rand was trading at R 18.71 to the dollar, R23.92 to the pound, and R20.49 to the euro. Oil is trading at $83.43 a barrel. [Reuters]

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