5 important things happening in South Africa today

 ·6 Jun 2024

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

  • IEC to hand over lists to Chief Justice: The Electoral Commission (IEC) is set to officially transfer the final lists of Members of Parliament (MPs) and Provincial Legislatures for the seventh administration to Chief Justice Raymond Zondo. He will then pass them to the Secretary to Parliament in a ceremony preceding the first National Assembly session, scheduled for 14 days post-election results. Chief Justice Zondo has the sole authority to set and announce the date for this session. [SABC]

  • Sugar tax hurting canegrowers: The sugar industry faces financial challenges due to issues at Tongaat Hulett and Gledhow mills, compounded by the effects of the sugar tax. SA Canegrowers, at their annual meeting, highlighted these concerns and plans to urge government support against the upcoming tax hike, saying that the tax is threatening industry sustainability, risking a million jobs and rural livelihoods. They said that around 16,000 jobs have already been lost as a result. [Moneyweb]

  • No traces of toxic compound found in Benylin kids’ cough syrup: The South African Health Products Regulatory Authority (SAHPRA) has announced that their investigations have revealed no presence of diethylene glycol in Benylin’s pediatric cough syrup. This announcement follows the recall of two batches of the cough syrup in April, initiated after the Nigerian National Agency for Food and Drug Administration and Control expressed concerns over the medicine containing elevated levels of diethylene glycol. [SA News]

  • Absa to offer ‘green’ home loan rebate: Absa is collaborating with the International Finance Corporation (IFC) to offer rebates on loans for purchasers of eco-friendly homes under a R4.5 billion agreement. The initiative, aimed at promoting green construction through the MAGC programme, facilitates the purchase of green-certified homes to reduce emissions and conserve resources. [News24]

  • Markets:  The rand fell on Wednesday after the ANC said that it was leaning towards trying to form a government of national unity following its failure to secure a majority in last week’s election. On Thursday (6 June), the rand was trading at R18.92 to the dollar, R24.21 to the pound, and R20.62 to the euro. Oil is trading at $78.79 a barrel. [Reuters]

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