5 important things happening in South Africa today

 ·11 Apr 2024

  • Optimism for PGM prices: Platinum industry leaders expect the current low prices of platinum group metals (PGM), which dropped 33%-40% last year, to stabilize and start rising next year. This significant price drop has led South African platinum miners to delay projects, close shafts, cut spending, and reduce their workforce. [Business Day]

  • Mapisa-Nqakula ‘off the hook’ over secretary salary hike: Parliament’s powers and privileges committee said that it would not proceed with the investigation into former National Assembly speaker Nosiviwe Mapisa-Nqakula’s role in the hiking of secretary to parliament Xolile George’s salary from R2.6 to R4.4 million. Parliament cites that its jurisdiction is limited to members of the National Assembly only and cannot proceed given her recent resignation. [Times Live]

  • Nelson Mandela Bay loses R430 million in grants: Severe underspending has seen the Nelson Mandela Bay metro losing a total of R430 million (another R171.9 million was cut recently) in grant funding from National Treasury in the past year. Although steep, this blow is softer than anticipated after Treasury indicated its intention to take away R542 million in February. [Daily Maverick]

  • Denel granted another AGM extension: State-owned arms manufacturer Denel has received yet another extension for its overdue Annual General Meeting (AGM), highlighting concerns about the company’s alignment with its shareholders’ best interests. Despite legal requirements for annual AGMs, Denel, struggling financially, has not held one since January 2021. [Business Day]

  • Markets: The rand slipped on Wednesday as the dollar soared after data showed U.S. inflation rose in March. On Thursday (11 April), the rand was trading at R18.75 to the dollar, R23.53 to the pound, and R20.16 to the euro. Oil is trading at $90.60 a barrel. [Reuters]

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