5 important things happening in South Africa today

 ·7 Feb 2024

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

  • Investors pulled R1 trillion from SA over the past decade: South Africa has seen a mass exodus from stocks and bonds over the past decade. Business Day has reported that foreign investors have withdrawn a net R1 trillion from the country’s bond and equity markets over the past 10-and-a-half years. [BusinessDay]

  • Vodacom to appeal Supreme Court ruling in Please Call Me case: Vodacom has said that it will appeal the Supreme Court of Appeal’s ruling in favour of Please Call Me idea-man Kenneth Nkosana Makate. The SCA ordered that Vodacom must pay Makate between 5% and 7.5% of the total revenue its Please Call Me (PCM) generated over 18 years, plus interest. [MyBroadband]

  • Government workers risk being excluded from two-pot system: The National Treasury has called for a revision of the regulations that oversee government employee pension funds before the two-pot system is implemented in September this year. The Treasury has pointed out that the two-pot system will not benefit government employees unless the rules and legislation are modified accordingly. [News24]

  • Government secures R400 million mining fund: The South African government has secured funding to support mining investors in exploring new mining projects. Initial funding of R200 million from the Department of Mineral Resources and Energy (DMRE) was made, and an additional R200 million from the Industrial Development Corporation (IDC). [News24]

  • Markets: South Africa’s rand inched higher against the dollar on Tuesday ahead of a speech by the Federal Reserve Chair that could provide clues on the U.S. interest rate hike path. On Wednesday (7 February), the rand was trading at R18.85 to the dollar, R23.75 to the pound, and R20.4 to the euro. Oil is trading at $78.76 a barrel. [Reuters]

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