5 important things happening in South Africa today

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5 important things happening in South Africa today
5 important things happening in South Africa today

Africa-Press – Lesotho. The Department of Home Affairs plans to issue a request for proposals for a R6 billion project to overhaul and rebuild South Africa’s six busiest border posts.

The proposals linked to the African Continental Free Trade Area (AFCFTA) agreement are set to ensure that border posts have appropriate infrastructure.
The borders of Botswana, Lesotho, Eswatini, Mozambique and Zimbabwe are planned to be upgraded. [Moneyweb]50-year-old Transnet ruling: The South African Constitutional Court has ruled that the state-owned logistics group Transnet was entitled to end a long-term pricing agreement that had existed for roughly 50 years relating to the transportation of crude oil to Sasol and Total.
The agreement that stemmed from apartheid sanctions entitled Total and Sasol to a transportation benefit while other oil companies like BP, Shell and Caltex did not.

[News24]Not reaping the rewards: Recently published reports, including data from Statistics South Africa, all point to the country not benefiting from a global commodity boom as domestic mining production declines.

Mining remains one of the most important economic sectors in the country; however, according to experts, it is not operating close to its potential, especially with regard to gold, platinum and coal production.

[Moneyweb]Final state capture report: Close to R1 billion later, the final instalment of the state capture commission of inquiry’s findings will be handed over to President Cyril Ramaphosa.

This follows a series of delays, extensions and recent speculation that Ramaphosa had been interfering with the chairperson of the commission Chief Justice Raymond Zondo.
Both the president and chief justice deny the claims. [EWN]
Markets: The South African rand strengthened against a broadly weaker dollar on Tuesday despite worries lingering over aggressive interest hikes from global central banks.
The rand showed little reaction to slight decreases in the monthly South African composite business cycle indicator that assess vehicle sales, business confidence and money supply.
The rand is currently trading at R15.98/$, R16.77/€ and R19.55/£. [Nasdaq]

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