5 important things happening in South Africa today

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

Coronavirus: In South Africa, there have been 785 new cases of Covid-19, taking the total reported to 3,674,042. Deaths have reached 99,412 (+183), while recoveries have climbed to 3,543,109, leaving the country with a balance of 31,521 active cases and a recovery rate of 96,4%. A total of 31,544,594 vaccines have been administered.

  • Russia-Ukraine conflict: South Africa has not been spared from the effects of the Russia-Ukraine conflict, which has seen global market volatility hitting all-time highs. JSE counters, even with small connections to the conflict, have dropped in the past week as investors deem the risk too extreme compared to possible returns. South African multinational Naspers’ international internet assets division, Prosus, fell 20%, while Naspers itself saw a 17% drop. Both Mondi and Barloworld, which have significant investments in Russia, have fallen by 8% and 15%, respectively. [Daily Maverick]

  • Public wages: South Africa’s public service unions say their dispute with the government over public sector wages is far from over, and that strike action has not been ruled out. The unions expressed disappointment with the Constitutional Court ruling which dismissed their application to force the government to pay the third year of a negotiated wage agreement. The apex court found that the agreement was unlawful and invalid, thus giving the government authority to renege on the multi-billion rand deal. Unions say the ruling makes negotiating with the government over wages more difficult, as there is a breakdown of trust. Public Service and Administration Minister Ayanda Dlodlo is meeting with unions this week. [EWN]

  • eThekwini safety: As a result of the July 2021 riots, security supplier Vuvamcam has expanded its presence in eThekwini. The group plans to erect 115 poles containing CCTY cameras in critical locations across the city to combat crime and better coordinate crime prevention efforts. The riots of July 2021 cost the country an estimated R50 billion. Vumacam, a subsidiary of Vumatel, says that it already has 1,623′ live poles’ and 6,339 live cameras in the City of Johannesburg, the City of Ekurhuleni and Mogale City in Gauteng. [Moneyweb]

  • Red Notice: After months of legal proceedings, international criminal police organisation Interpol has issued red notices for Atul and Rajesh Gupta related to fraud and money laundering allegations. The charges are centred around the Free State Department of Agriculture and payment of R24.9 million to Gupta-linked entities. A red notice is a formal request to members of Interpol to apprehend and hold a suspect pending an extradition process. According to the National Prosecuting Authority, this will assist the state in extraditing the brothers to face trial in South Africa. [News24]

  • Markets: South Africa’s rand weakened in early trade on Monday, as risk appetite faltered after Western nations announced fresh sanctions to punish Russia for its invasion of Ukraine, and Vladimir Putin put nuclear-armed forces on high alert. On Saturday, the United States and its allies moved to block certain Russian banks’ access to the SWUGT International payment system, which traders and analysts said could disrupt Russian exports of all commodities from oil and metals to grains. The rand is trading at R15.35/$, R17.19/€ and R20.60/£. [Nasdaq]

Source link

Leave a Reply