5 important things happening in SA today that you need to know

According to BusinessTech here’s what is happening in and affecting South Africa today:

• New testimony in the state capture commission alleges that four-day finance minister Des van Rooyen wasted no time during his short stint in leaking confidential information to the Guptas. It was alleged that Van Rooyen sent a presentation meant for cabinet to the Guptas and their associates on his first day on the job. [Mail & Guardian]

• National Treasury says that South Africa has recorded a Budget shortfall of R95.9 billion in the period – the largest budget deficit in 14 years. The Budget gap was largely due to poor tax collection on the back of weak economic growth. [Business Report]

•  DA mayor in Tshwane Solly Msimanga survived a no confidence vote against him, but more are on the way, with the ANC and EFF vowing to get rid of the mayor. The EFF’s no confidence vote was dismissed on a technicality, after which the party staged a walkout, leaving the ANC’s motion to fail. [IOL]

• Government needs to bite the bullet and sell off South African Airways and its subsidiaries, according to an aviation expert, who says that there’s nothing to indicate that the latest attempt to turn things around at the airline will work any better than the last ten times. SAA has cost taxpayers billions in bailouts. [eNCA]

• South Africa’s rand tumbled to its weakest in more than a week on Thursday as financial crises in Turkey and Argentina rattled sentiment toward emerging markets and stoked another wave of selling on the local currency. On Friday the rand was at R14.71 to the dollar, R19.16 to the pound and R17.18 to the euro.

Source credit: BusinessTech

HAVE YOUR SAY

Like our Facebook page and follow us on Twitter

For news straight to your phone invite us:

WhatsApp – 072 069 4169

Instagram – zululand_observer