5 important things happening in South Africa today

 ·26 Jan 2024

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

  • ICJ genocide case ruling: The International Court of Justice (ICJ) will today deliver its order in the case filed by South Africa accusing Israel of genocide during its war in Gaza. The announcement will indicate whether the court will order emergency measures against Israel. The ruling is expected at 14h00 local time. [ICJ]

  • Richards Bay coal exports hits new low: “Consistent and drastic decline” in coal volumes delivered via rail has seen exports by the Richards Bay Coal Terminal (RBCT) slump by another 3-million tonnes in 2023. This is yet another decline for the coal terminal, which already hit a 30-year low in 2022. [Business Day]

  • Hijackers seize social housing project: A R118 million state housing development called Sondela Village in Gauteng is deteriorating after being taken over by ‘illegal landlords’. The development consists of over 400 housing units. [Mail & Guardian]

  • Homeowners to pay highest bond repayments years: The Monetary Policy Committee (MPC) has voted to keep interest rates unchanged – indicating that rates are unlikely to move higher. However, it still means that indebted South Africans will continue to service their repayments with rates at 14-year highs. The first interest rate decision leaves the repo rate at 8.25%, and the prime lending rate at 11.75%. [BusinessTech]

  • Markets: South Africa’s rand was steady on Thursday, showing little affect by the central bank’s decision to leave interest rates unchanged and the release of data showing a slowdown in producer price inflation. On Friday (26 January), the rand was trading at R18.87 to the dollar, R24.04 to the pound, and R20.58 to the euro. Oil is trading at $82.07 a barrel. [Reuters]
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