5 important things happening in South Africa today

 ·2 May 2024

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

  • Good news: South Africa has relished a whole month free from electricity cuts, which has provided businesses with a vital opportunity for financial recovery. This period has also seen a decrease in crime within several areas, while the tourism and hospitality sectors are witnessing a significant resurgence in activity. [News24]

  • Sibanye-Stillwater takes Mantashe to court: Sibanye-Stillwater has taken legal action against the Department of Mineral Resources and Energy to obtain a mining license for the Akanani exploration project, which President Cyril Ramaphosa once had a stake in. The dispute arose when the Department granted a mining license to an unnamed third party, rejecting Sibanye’s application. Sibanye’s appeal also failed, prompting them to seek a judicial review. [Business Day]

  • Q1 gold demand reaches eight-year high: In the first three months of this year, the demand for gold worldwide rose by 3% to 1,238 tonnes, marking the strongest first quarter since 2016, as reported by the World Gold Council. The surge in demand, primarily fueled by central banks, has propelled gold prices to unprecedented levels. [Daily Maverick]

  • Rates joy on the cards for eThekwini: eThekwini mayor Mxolisi Kaunda has promised that the municipality will address its rate and tariff hike concerns when he presents the budget on Friday. Kaunda revealed in March, while tabling the draft budget for the 2024/25 financial year, that the municipality was considering a 14.9% increase for water, 14% for electricity and 10% for refuse collection, which was the steepest hikes across the country and was immediately shot down by ratepayer groups. [TimesLive]

  • Markets: The rand strengthened on Wednesday after a mixed batch of trade, budget and money supply data earlier in the week. On Thursday (2 May), the rand was trading at R18.59 to the dollar, R23.26 to the pound, and R19.92 to the euro. Oil is trading at $84.03 a barrel. [Reuters]

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