5 important things happening in South Africa today

 ·15 May 2024

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

  • NHI to become law: Today, President Cyril Ramaphosa will publicly sign the National Health Insurance (NHI) Bill into law at the Union Buildings at 14:00, despite pushback from business groups, healthcare professionals and unions. [BusinessTech]

  • Anglo’s shake up could fend off BHP: Anglo American has announced a significant strategy shift to focus exclusively on copper, iron ore, and fertilizer, potentially causing BHP to reconsider its proposed merger if Anglo remains uncooperative for the next eight days. CEO Duncan Wanblad indicated that BHP’s proposal accelerated Anglo’s announcement of its restructuring. The company plans to divest from its assets in platinum group metals, diamonds, steelmaking coal, and nickel to streamline its portfolio and highlight the value of its copper assets. [Business Day]

  • Sewage seeping into KZN lagoons: A GroundUp investigation showed that lagoons in the KwaZulu-Natal south coast, including Margate and Ramsgate, are plagued by sewage pollution in lagoons and beaches. The investigation revealed that all 19 sewage treatment facilities in the Ugu District Municipality, covering Scottburgh to Port Edward, are malfunctioning. [GroundUp]

  • Court to hear Motsoeneng’s R11.5 million ‘success fee’ appeal: The legal dispute concerning the R11.5-million bonus of Hlaudi Motsoeneng, the former Chief Operations Officer of the SABC, progresses to the Supreme Court of Appeal (SCA) in Bloemfontein on Wednesday. Motsoeneng is challenging a ruling that deemed the SABC board’s decision to award him the money as unlawful. [SABC]

  • Markets: The rand weakened on Tuesday after local data showed the country’s unemployment rate rose in the first quarter and local mining output fell in March. On Wednesday (15 May), the rand was trading at R18.39 to the dollar, R23.09 to the pound, and R19.92 to the euro. Oil is trading at $82.89 a barrel. [Reuters]

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