Here’s what is happening in and affecting South Africa today:
- New ANC president Cyril Ramaphosa flexed his muscled this weekend at the party’s 106th birthday celebrations, indicating that things are quickly changing within the ruling party. On the question of Jacob Zuma’s time as president, Ramaphosa said that the Zuma government is beholden to the ANC, and that his tenure in the top job will be addressed in time.
- The presidency, meanwhile, has denied Friday reports that Zuma made demands that Nkosazana Dlamini-Zuma be appointed deputy president, and take over as president if or when he stands down. A spokesman for the president said that media reports misconstrued the meetings being held between the presidency and new ANC leadership.
- Eskom is reportedly waiting in the wings to challenge Nersa’s decision to only grant it a 5.23% tariff hike, after it put in a request for a 19.9% increase. According to MoneyWeb, Eskom is waiting for Nersa to provide it with its reasons for the low grant, and is seriously considering challenging it to get a better rate.
- Swedish retailer H&M has temporarily closed some of its stores in South Africa after the EFF stormed and trashed them over the weekend in the wake of a global “racist hoodie” scandal. The stores were closed out of concern for employees, after the EFF threatened to repeat its actions should they re-open.
- South African shares firmed on Friday, supported by resources stocks lifted by better than expected Chinese trade data, while the rand slipped in cautious trading ahead of a weekend speech by Ramaphosa. On Monday the rand was trading at R12.35 to the dollar, R16.98 to the pound and R15.10 to the euro.