5 important things happening in South Africa today

 ·26 Feb 2024

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

  • Greylist exit: Deputy director-general of Treasury Ismail Momoniat says that South Africa is expected to be removed from the greylist of the Financial Action Task Force (FATF) by June 2025, as per the predetermined timeline. However, the FATF has pointed out that the country still needs to fulfil 17 out of the 22 required actions. [BusinessDay]

  • E-toll debt collection still on: Gauteng Premier Panyaza Lesufi says that the formal process to switch off and delink e-tolls would begin on 31 March 2024. However, the provincial government has said that all e-toll debt “should and will be collected.” [The Citizen]

  • Pick n Pay wins: Pick n Pay took one of its largest franchisees to court over a disputed debt of R300 million which arose due to the franchisee’s new discounting model operating at a loss. The Gauteng Division of the High Court in Johannesburg granted Pick n Pay the right to attach the franchisee’s property to settle the debt. [Daily Maverick]

  • Another fake qualification scandal: An investment company that manages R1.6 billion in assets from Telkom, municipal pension funds, Alexforbes, and a UK government financier has been hit by a scandal surrounding a fake qualification. The co-founder and investment principal of the private equity company confirmed that he does not have the range of qualifications claimed on his CV, including from the London School of Economics. [News24]

  • Markets: The South African rand continued to weaken on Friday to hit its lowest level since October, with analysts citing the impact of this week’s 2024 budget on investor sentiment. On Monday (26 February), the rand was trading at R19.33 to the dollar, R24.51 to the pound, and R20.92 to the euro. Oil is trading at $81.27 a barrel. [Reuters]
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