5 important things happening in South Africa today

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

  • Bain drain: Treasury officials and the whistleblower who exposed the company’s involvement with state capture want global consultancy Bain & Co. barred from doing business with the South African government and also want private companies to shun the firm. This comes after the UK government banned the group from doing business with its administration for three years. The consultancy did work with SARS during the state capture years. It expressed surprise and disappointment at the UK government’s decision. [News24, Daily Maverick]

  • Nursing crisis: The South African Nursing Council has denied blocking private companies from training more nurses to address the country’s nursing shortage. However, it said that since nursing has moved into a higher education position, only the council can accredit trainees – and it conceded that this process is taking longer than expected. Private hospital groups blamed the council for the shortage of nurses, saying they have the skills and capacity to train thousands of nurses but are not allowed to do so because of the SANC. [702]

  • Crypto tax: Crypto traders in South Africa are in for a wake-up call as SARS continues to develop a new legal framework to tax crypto assets in the country. In a recent presentation, the deputy governor said that the Sarb was busy with various workstreams, including a regulatory framework for crypto exchange platforms. Within the current tax framework, crypto assets are not exceptional – they are treated as financial instruments. Thus, the disposal of a crypto asset for any purpose is a taxable event. [Moneyweb]

  • Unrest: Unrest that erupted in Tembisa over the last week has strained the volatile coalition in Ekurhuleni, with political players all pointing fingers at each other for blame. The protests have led to death and destruction in the area, and residents took to the streets to push back against rising costs and the cutting of free basic electricity. The protests were supposed to be peaceful, but there are allegations that a third force coopted the movement and turned to criminal behaviour. [Daily Maverick]

  • Markets: The South African rand gave up gains on Wednesday after the dollar recovered on a surprise pick-up in the US service sector in July, supporting views that the US economy was not in recession. The latest data erased gains made by the rand in the morning session after China’s response to US House Speaker Nancy Pelosi’s visit to Taiwan was not as severe as some in financial markets had feared. On Thursday, the rand was trading at R16.75/$, R17.03/€ and R20.35/£. Brent crude is trading at $97 a barrel. [Reuters]

Must Read

Partner Content

Show comments

Trending Now

Follow Us

5 important things happening in South Africa today