5 important things happening in South Africa today
·12 Jan 2024
Here’s what is happening in and affecting South Africa today:
- Eskom hit by solar boom: Data from the state-owned power facility shows that rooftop solar has boomed by 108%, which leaves Eskom facing massive losses as residential and commercial customers flee the national grid. [The Citizen]
- Day two of SA vs Israel ICJ case: Today marks day two of public hearings of South Africa’s case of genocide levelled against Israel at the International Court of Justice (ICJ) in Hague. Yesterday, South Africa’s arguments were heard, which alleged that Israel is violating international law by committing and failing to prevent genocidal acts. Israel refutes these allegations and will present their defence today. [Reuters]
- Software giant fined R4.1 billion for bribery: German global software company SAP will pay over R4.1 billion to resolve investigations by the U.S. Justice Department and the Securities and Exchange Commission (SEC) into bribes paid to South African and Indonesian officials to obtain valuable government business. [BusinessTech]
- Johannesburg to spend R196 million to fix road after explosion: Africa’s richest city will spend R196 million to rehabilitate Lillian Ngoyi Street, formerly known as Bree Street, in its old central business district after a methane gas explosion in July 2023. The city expects that repairs will conclude by the end of the year. [BusinessTech]
- Markets: The dollar held its ground against peer currencies on Friday, as investors weighed higher-than-expected U.S. consumer price inflation. Oil prices rose after an oil tanker was boarded by an armed group off Oman. On Friday (12 January), the rand was trading at R18.62 to the dollar, R23.81 to the pound, and R20.45 to the euro. Oil is trading at $78.71 a barrel. [Reuters]
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