5 important things happening in South Africa today

 ·28 Mar 2024

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

  • Parliament passes Expropriation Bill:  The National Assembly has approved the Expropriation Bill as amended by the National Council of Provinces, by 205 votes to 108. Although not yet signed into law, the bill would allow for, in certain instances, ‘nil compensation.’ [Daily Maverick]

  • Treasury’s irregular R1 billion IT project: The National Treasury, has come under fire from parliament’s standing committee on public accounts after the Special Investigating Unit (SIU) revealed that it mishandled an IT project valued at more than R1 billion. The SIU found the project to be irregular. [Business Day]

  • Motsepe eyes stake in MultiChoice acquisition: South African billionaire Patrice Motsepe is reportedly negotiating with Vivendi SE’s Canal+ to participate in its multi-billion dollar offer for the broadcasting company, MultiChoice Group. [BusinessTech]

  • Lifestyle audits for senior MPs proposed: Following a review of the Code of Ethical Conduct and Disclosure of Members’ Interests, a proposal has been presented to Parliament to conduct lifestyle audits for all senior parliamentarians and not just cabinet members. This could see fines of up to R45,000 for ethical breaches, and a clampdown on ‘irresponsible social media usage’. [News24]

  • Markets: The rand strengthened on Wednesday after the Reserve Bank left the repo rate unchanged at 8.25%. On Thursday (28 March), the rand was trading at R18.92 to the dollar, R23.87 to the pound, and R20.41 to the euro. Oil is trading at $86.40 a barrel. [Reuters]
Show comments
Subscribe to our daily newsletter