5 important things happening in South Africa today

 ·2 Feb 2024

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

  • JSE puts Ekurhuleni and Tshwane on notice: The cities of Ekurhuleni and Tshwane have not provided their annual financial statements to the Johannesburg Stock Exchange (JSE) within the seven months required. Failure to do so by month’s end could see their debt-raising instruments (government entities such as state-owned enterprises that are listed on the JSE to raise money for large projects) suspended. [BusinessDay]

  • R500 million VBS and KPMG settlement: Daily Maverick has reported that the undisclosed out-of-court settlement between auditor KPMG and the liquidator of VBS Bank, Anoosh Rooplal, was R500 million. [Daily Maverick]

  • Pre-election signing of NHI bill likely: Khumbudzo Ntshavheni, a minister in the presidency, said that President Cyril Ramaphosa is likely to sign off on the controversial health insurance bill before this year’s national elections “so that the full implementation can take place” under the new administration. [BusinessTech]

  • Delaying announcement of election date could ‘pose challenges’ – IEC: The Electoral Commission of South Africa (IEC) is worried that if President Cyril Ramaphosa does not announce the general election date soon, it will be pressed for time to carry out the necessary legal, logistical and other preparations. [The Citizen]

  • Markets: South Africa’s rand firmed on Thursday, with the U.S. dollar reversing earlier gains. On Friday (2 February), the rand was trading at R18.58 to the dollar, R23.75 to the pound, and R20.20 to the euro. Oil is trading at $79.07 a barrel. [Reuters]

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