5 big stories you need to know about right now

Need to catch up on the biggest news stories of the day? Here’s the BusinessTech wrap:

• The South African Reserve Bank announced that it will be hiking rates by 50 basis points, taking the repo rate up to 6.75%, and the prime lending rate to 10.25%. The Bank chalked it up to slow growth, climbing inflation, and a number of other economic factors in the country that forced it hand.

• Despite the bleak outlook for South Africa, Charles Simkins, a senior researcher at the Helen Suzman Foundation says that other countries have survived worse, and has outlined 5 ways South Africans can weather the economic storm ahead.

• The fuel price is expected to increase yet again in February, with a hike of around 6 or 7 cents per litre for petrol, due to currency pressures. Luckily for diesel owners, a contiued drop on the global oil price means another hefty decrease in the price of diesel is expected.

• As municipal election season speeds towards us, the ANC has come out swinging with its politicking. ANC secretary general Gwede Mantashe spoke to the press following a three day executive meeting, saying that racism in the country ‘cannot be cured’, and that the ANC would tackle the issue and take Cape Town in the coming election.

• South Africa’s internet connectivity took another hit today, following a second break in the Seacom undersea cable in a week. The break was due to construction happening in Egypt, where fibre infrastructure was accidentally cut. The Seacom cable stretches along Africa’s eastern coastline to Europe via connection points in Egypt.

In case you missed it – a public relations firm involved with aspects of the launch of Starbucks in South Africa has let slip when the popular coffee franchise will be opening its doors in the country.