Here’s what is happening in and affecting South Africa today:
- Government needs a plan: Western Cape Premier Alan Winde says the government needs a clear plan to tackle the energy crisis after the state of disaster was lifted on Wednesday. COGTA minister Thembi Nkadimeng said that the government’s decision to lift the disaster was due to it achieving its goal of establishing new systems and processes. Winde said that unambiguous communication from the government will allow for investment to occur. [EWN]
- Richemont changes: Johann Rupert-chaired Richemont says it has received approval from the South African Reserve Bank to discontinue its South African Depository Receipt (DR) programme and list its A shares and A Warrants as a second inward listing on the JSE. Casparus Treurnicht from Gryphon Asset Management said that most of the impact will be felt by index-focused investors, as Richemont’s weight in the JSE Top 40 Index will decline to approximately 3.5% from roughly 20%. [Moneyweb]
- Gauteng ambulance boost: Gauteng will receive over 200 new emergency vehicles. Health MEC Nomantu Nkomo-Ralehoko said that the expanded provincial fleet with alleviate the ambulance shortage in the provinces. The MEC said that the ambulances would be distributed across the province’s municipalities, with particular focus given to townships. He added that each of the province’s 535 wards must have its own ambulance, doctor and nurse. [EWN]
- Chinese ship in Durban: A Chinese surveillance ship has docked in Durban two months after South Africa drew criticism from the West over a naval exercise with China and Russia. Although China is South Africa’s biggest individual trading partner, most of the nation’s trade is done with Western nations. The DA previously warned that South Africa risks getting Western sanctions citing an alleged verbal note sent by the US embassy. [Bloomberg]
- Markets: South African stocks fell on Wednesday after US data showed a decline in job openings, while the rand weakened against the dollar. For every unemployed person in the US, 1.7 job openings were available. This ratio, which is highly monitored by the US Federal Reserve, fell from 1.9 in January. On Thursday (6 April), the rand was trading at R18.09/$, R19.70/€, and R22.51/£. Brent crude is trading at $84.48 a barrel. [Nasdaq]
