5 important things happening in South Africa today

 ·15 Jun 2023

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

  • Actual profit: For the first time in five years, the embattled state utility Denel has posted a profit – totalling R390 million before interest and tax. Speaking before Scopa, Tryphosa Ramano from the audit and risk committee said that Denel’s balance sheet was boosted by a R3.4 billion cash injection from the government and the sale of its non-core assets for R1.8 billion. He added that the utility was able to access R1 billion of surplus funds from its medical benefits trust. [City Press]

  • MTN’s Cameroon issue: A court in Cameroon has ordered that banks used by the MTN Group to transfer its funds into escrow over a dispute that MTN claims it is not involved in. The group said that the order relates to a dispute between FNB and a Cameroonian businessman, adding that it was astounded that it was brought into the issue. It also said that the order was unnecessary as its accounts were already frozen due to the dispute last year. [Bloomberg]

  • Paramedic crime: Paramedics in KwaZulu-Natal say they fear for their safety as criminals target them while responding to emergencies, with some being kidnapped, shot and robbed of their equipment. Unions representing health workers said that the province is a hotspot for criminal activity, and are demanding further protection for their members. [eNCA]

  • Joburg mayor qualifications: Despite Al-Jama Ah leader Ganief Hendricks previously saying that Johannesburg Mayor Kabelo Gwamanda has a business diploma, Gwamanda says that he has only obtained a National Intermediate Certificate, which is given to those who have completed grade 10. Although he lacks a matric, the new mayor will be responsible for a city that just passed an R80 billion budget for the 2023/24 year. Gwamanda said that his lack of academic achievement will not affect his performance. [EWN]

  • Markets: The rand weakened slightly against the dollar on Wednesday following the US Fed’s decision to pause interest rates. Although currencies usually weaken if interest rates are paused, the Fed said that borrowing costs will likely rise by 50 basis points by the year-end, which was positively received by investors. On Thursday (15 June), the rand was trading at R18.43/$, R19.92/€, and R23.29/£. Brent crude is trading at $73.02 a barrel. [News24]
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