5 important things happening in South Africa today

 ·19 Apr 2024

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

  • Over 30,000 vacant teacher posts: Basic Education Minister Angie Motshekga, in a written parliamentary reply, revealed that there are more than 31,400 teaching vacancies across South Africa. Motshekga said the filling of vacant posts at schools was an ongoing process and In order to deal with the increased workload from vacant posts, schools are allowed to appoint temporary educators until a position has been filled. [SABC]

  • Private sector funds needed for Eskom expansion: Eskom projects that expanding the grid with 14,200 km of high-voltage lines and 170 transformers over the next 10 years will cost at least R200 billion, funds that neither the utility nor the government currently possess. Think tanks Meridian Economics and Krutham have suggested that partnering with the private sector to finance this expansion is needed. [Daily Maverick]

  • Big shake-up for JSE: The JSE has doubled down on plans to split its main board into “prime” and “general” segments to cater to large and smaller companies, respectively. This reorganisation aims to reduce listing costs and regulatory burdens, potentially making the JSE more attractive to companies of varying sizes, said the exchange. [Business Day]

  • New bank gets the green light: Old Mutual has said that following a stringent regulatory review of its application, the Prudential Authority has granted the group approval to establish a bank in South Africa subject to certain licence conditions. It is expected to launch by year-end. [BusinessTech]

  • Markets: The rand weakened on Thursday, taking its cues from a stronger dollar in the absence of major data releases. On Friday (19 April), the rand was trading at R19.25 to the dollar, R23.75 to the pound, and R20.45 to the euro. Oil is trading at $88.86 a barrel. [Reuters]

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