{"id":215447,"date":"2017-12-08T08:19:09","date_gmt":"2017-12-08T06:19:09","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=215447"},"modified":"2017-12-08T08:19:09","modified_gmt":"2017-12-08T06:19:09","slug":"5-important-things-happening-in-south-africa-today-203","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/government\/215447\/5-important-things-happening-in-south-africa-today-203\/","title":{"rendered":"5 important things happening in South Africa today"},"content":{"rendered":"<p>Here&#8217;s what is happening in and affecting South Africa today:<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.timeslive.co.za\/ideas\/2017-12-08-steinhoff-collapse-set-to-dwarf-state-capture-scandal\/\">The Steinhoff crash has cost almost all South Africans real money &#8211; and is a bigger loss than that of the value lost to state capture.<\/a> <\/strong>In one day, the stock crash wiped R194 billion worth of value off the market &#8211; R12 billion of which was linked to public pensions through the PIC. Hedge funds and investment funds also almost all had exposure to the stock.<\/li>\n<\/ul>\n<ul>\n<li><strong><a href=\"https:\/\/www.businesslive.co.za\/bd\/companies\/retail-and-consumer\/2017-12-08-reserve-bank-might-want-to-scrutinise-steinhoff-plans-to-repay-r10bn\/\">Steinhoff&#8217;s plan to plug a massive hole in its financials will likely draw the ire and an investigation by the Reserve Bank.<\/a> <\/strong>The group plans to have spin-off company, Star, send R10 billion offshore to help plug a EUR6 billion hole found in its financials &#8211; however SARB is unlikely to support or stand for such a move without thorough investigation.<\/li>\n<\/ul>\n<ul>\n<li><strong><a href=\"https:\/\/mg.co.za\/article\/2017-12-08-00-no-deal-the-anc-battle-is-on\">The battle for the presidency is on, as neither team Ramaphosa nor team Dlamini-Zuma is will to deal or negotiate around their chosen leaders<\/a><\/strong>. Despite there being no room for compromise, president Jacob Zuma says he believes there will be a <strong><a href=\"https:\/\/www.timeslive.co.za\/anc-conference-2017\/2017-12-08-zuma-confident-of-seamless-handover-to-new-anc-leadership\/\">smooth handover<\/a><\/strong>, once a winner emerges.<\/li>\n<\/ul>\n<ul>\n<li><strong><a href=\"https:\/\/af.reuters.com\/article\/commoditiesNews\/idAFJ8N1NU01L\">Energy minister David Mahlobo says that South Africa will scale down its nuclear energy plans, saying that the country will no longer seek to add the 9.6GW it had previous stated<\/a><\/strong>. Mahlobo did not, however, reveal the new targets.<\/li>\n<\/ul>\n<ul>\n<li>South Africa&#8217;s rand fell more than one percent against the US dollar on Thursday as the greenback rose, while stocks edged up slightly, despite another share plunge by Steinhoff International. <strong><a href=\"http:\/\/www.xe.com\/currencyconverter\/convert\/?Amount=1&amp;From=USD&amp;To=ZAR\">On Friday the rand was trading at R13.74 to the dollar, R18.56 to the pound and R16.16 to the euro<\/a><\/strong>.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Steinhoff&#8217;s crash is a bigger loss than the value lost in state capture; the Reserve Bank is likely to step in if Steinhoff tries to get money out of SA; neither Ramaphosa nor Dlamini-Zuma are willing to compromise &#8211; so the battle for the presidency is on; and Mahlobo says SA&#8217;s nuclear energy plans are being scaled down.<\/p>\n","protected":false},"author":10,"featured_media":215195,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872,23],"tags":[],"class_list":["post-215447","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-government"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/215447","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=215447"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/215447\/revisions"}],"predecessor-version":[{"id":215453,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/215447\/revisions\/215453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/215195"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=215447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=215447"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=215447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}