May 2018 – 5 important things happening in South Africa today
Here’s what is happening in and affecting South Africa today:
- Steinhoff is on the hunt for those responsible for its accounting mess, which threatens to shut the group down completely. The group wants executives, including former CEO Markus Jooste, to pay back millions they were granted in bonuses. [Bloomberg]
- The South African government has committed to injecting yet another R5 billion into South African Airways, its CEO told Reuters. The airline has failed to turn a profit since 2011, and has been handed R20 billion in taxpayers’ money to help keep it afloat. The group is said to need another R12 billion more to keep operations going. [MoneyWeb]
- Government is offering state employees a higher than inflation pay increase at a time the country needs to rein in its spending on the government wage bill. Government has offered state nurses, lawyers and teachers an increase of 7%, while unions have been demanding an increase as high as 12%. [Bloomberg]
- Cape Town mayor Patricia de Lille argues that she should be able to stay on as mayor until at least June 2018, when the main case on her removal is heard. De Lille and the DA will be in court today to battle the removal. The party has said it will abide by whatever the court decides. [eNCA]
- South Africa’s rand recovered on Thursday, firming 2% against the dollar as the greenback fell after weaker than forecast US inflation data pared market expectations of a faster interest rate rise by the Federal Reserve. On Friday, the rand was trading at R12.32 to the dollar, R16.65 to the pound and R14.68 to the euro.