5 important things happening in South Africa today

 ·14 Jun 2024

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

  • First sitting of Parliament: Newly elected Parliamentarians will meet today at the Cape Town International Conference Centre for the first sitting of the seventh Parliament. In this sitting, a President, National Assembly speaker, and deputy speaker is set to be elected. [SANews]

  • NFP joins ANC, DA and IFP to form KZN gov: In KwaZulu-Natal, the National Freedom Party (NFP) has aligned with the ANC, DA, and IFP to form a coalition government. Together, these four parties command 41 of the 80 seats in the provincial legislature, sidelining the Jacob Zuma-led MK party, which, despite winning the most votes in May’s election, will not be part of the provincial government. [Business Day]

  • Renewable energy industry master plan approved: The master plan aimed at the renewable energy sector, which targets the creation of 25,000 jobs by 2030 and aims to draw in R15 billion in new investments, has been officially approved by the Department of Mineral Resources and Energy (DMRE), according to confirmations from several individuals involved in the process, as reported by News24. [News24]

  • Strong demand for Krugerrands: FNB has witnessed a significant interest from its clients in purchasing Krugerrands through its trading platforms, indicating a shift towards alternative investment assets for portfolio diversification. In the past year, more than 2,200 Krugerrands have been delivered to clients via FNB’s trading platform, the bank announced in a recent statement. Sebastian Pillay, the head of share investing at FNB Wealth and Investments, has revealed that FNB now manages over R1 billion in coins within its client portfolios. [Moneyweb]

  • Markets: The rand edged lower on Thursday as talks to try to form a government of national unity continued. On Friday (14 June), the rand was trading at R18.75 to the dollar, R23.53 to the pound, and R19.80 to the euro. Oil is trading at $82.35 a barrel. [Reuters]
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