Let’s wrap up some of the top stories happening in South Africa this week.
REPO RATE UNCHANGED AT 8.25%
The South African Reserve Bank (SARB) opts to keep the repo rate steady at 8.25%, announced by the Monetary Policy Committee (MPC). Governor Lesetja Kganyago, in a media briefing, underscores the committee’s unanimous decision. Despite moderated inflation expectations, concerns persist over food prices amid challenging weather conditions. Kganyago notes the rand’s weakness, influenced by global interest rates and domestic uncertainties.
With a cautious approach, the MPC aims to stabilize inflation and bolster economic prospects. Kganyago stresses the importance of data-driven decisions to mitigate risks and enhance economic conditions.
SIU TO INVESTIGATE ALLEGED CORRUPTION AT KZN FILM COMMISSION
President Cyril Ramaphosa has authorized the Special Investigating Unit (SIU) to probe alleged corruption at the KwaZulu-Natal Film Commission (KZNFC). The investigation will focus on procurement processes and contracting for partnerships in the development of KZN Studios. It aims to uncover maladministration, fraud, and irregular expenditure dating back to July 2017.
The SIU will also recommend improvements to prevent future misconduct. Any criminal evidence unearthed will be referred to the National Prosecuting Authority. This move underscores efforts to combat corruption and uphold transparency in public institutions.
DAMELIN, CITY VARSITY, LYCEUM COLLEGE AND OTHER COLLEGES DEREGISTERED IN SOUTH AFRICA
Four Educor institutions face deregistration by the Department of Higher Education and Training due to financial viability concerns. Minister Blade Nzimande cited non-compliance with regulations and financial instability as reasons for cancelling City Varsity, Damelin, Icesa City Campus, and Lyceum College registrations.
Allegations of misconduct, including misrepresentation of student numbers and failure to pay rent and staff salaries, further mar their reputation. Students’ grievances, from poor teaching quality to exploitation, add to the institutions’ woes. The Ministry demands Educor to address these issues promptly, emphasizing student welfare and regulatory compliance.
REPORT: PATRICE MOTSEPE TO JOIN CANAL+ BID FOR MULTICHOICE
According to a report by MoneyWeb, billionaire Patrice Motsepe is in discussions with Groupe Canal+ regarding their bid for MultiChoice Group, South Africa’s leading pay-TV provider. Motsepe’s involvement could aid Canal+ in meeting the country’s black ownership requirements.
With Canal+ holding over 35% of MultiChoice shares, a mandatory takeover bid looms. The French broadcaster eyes greater access to African markets, potentially offering R125/share, valuing MultiChoice at around R55 billion.
END OF AN ERA: KITCHENER’S BAR IN BRAAMFONTEIN IS CLOSING
After 15 vibrant years, Kitchener’s Carvery Bar bids farewell, citing economic challenges. Known as a hub of Johannesburg’s pop culture, it nurtured talent, challenged societal norms, and fostered memorable experiences. The announcement sparked nostalgia for an institution that shaped the city’s nightlife. Its closure signals the end of an era, leaving behind a legacy of creativity and community.
As the venue transitions under new ownership, its velvet-clad walls hold stories of countless revelries and cultural shifts—a testament to its enduring impact on Johannesburg’s cultural landscape.
LOAD-SHEDDING SUSPENDED THIS EASTER WEEKEND
With sustained available generation capacity and planned returns to service, Eskom extends the suspension of loadshedding until Sunday at 16:00. An expected low demand over the long weekend contributes to this decision. Eskom assures updates for the week ahead on Sunday afternoon, maintaining transparency amid projections of a peak demand of 27,465MW tonight.
JACKIE PHAMOTSE SENTENCED TO HOUSE ARREST FOR TWEETS ABOUT BASETSANA AND ROMEO KUMALO
Jackie Phamotse, the author known for stirring controversy, has been sentenced to two years of house arrest by the Randburg Magistrates Court. This verdict follows her defamation of media personalities Basetsana and Romeo Khumalo, stemming from comments made on X (former Twitter) in 2018. Phamotse insinuated the Khumalos’ involvement in a scandalous affair with a young rapper.
In addition to house arrest, Phamotse is required to perform community service as part of her sentence.
DECLINE IN FOOD AND BEVERAGES INCOME
In January 2024, the food and beverages industry experienced a 2.5% year-on-year decrease in total income at constant 2019 prices. Food sales notably recorded a negative growth rate of -3.6%. Main contributors to this decline were takeaway and fast-food outlets (-5.0%) and catering services (-4.8%).
However, over the latest three months ending January 2024, total income increased by 1.0%, primarily driven by a 4.8% growth in restaurants and coffee shops.
Despite this, seasonally adjusted income for the industry dropped by 3.5% in January 2024 compared to December 2023, continuing a trend from the previous months.
NORTHERN CAPE POLICE CONFISCATE COUNTERFEIT TOBACCO PRODUCTS WORTH R2 MILLION AT GROBLERSHOOP
Northern Cape police, aided by Upington border authorities, Home Affairs, and SARS customs officers, seized counterfeit tobacco goods valued at R2 million in Groblershoop. Acting on a tip-off, officers raided two warehouses, confiscating cartons of cigarettes and a significant quantity of Afzal tobacco. Provincial police spokesperson Timothy Sam stated that an investigation has been launched, and warehouse owners have been instructed to produce original purchase documentation.
MOTION OF NO CONFIDENCE LOOMS FOR NATIONAL ASSEMBLY SPEAKER
National Assembly Speaker Nosiviwe Mapisa-Nqakula faces a pending motion of no confidence, pending confirmation of the date. Acting Speaker Lechesa Tsenoli granted the DA’s request for the motion. Allegations against Mapisa-Nqakula involve alleged acceptance of bribes exceeding R2 million from a defense contractor during her tenure as defense minister.
COURT POSTPONES AKA AND TIBZ MURDER CASE TO NEXT TUESDAY
The Durban Magistrates Court has rescheduled the trial of seven accused individuals in the murder case of Kiernan “AKA” Forbes and Tebello “Tibz” Motsoane to next Tuesday, 02 April 2024. Five of the accused will remain in custody until then. The charges include conspiracy to commit murder, two counts of murder, possession of firearms and ammunition, and five counts of attempted murder. The state alleges that accused number 4, Mziwethemba Gwabeni, received over R800,000 from a company linked to Sydney Mfunda Gcaba, identified as a key figure in the case.
The affidavit of Warrant Officer Kumarasan Pillay, the investigating officer, outlining the State’s evidence against the defendants, was read by Senior State Advocate Elvis Gcweka.
“From the evidence it was established from Gwabeni’s bank records that on February 11 at 2pm, he got R803 000. Cellphone records show prior to the money being deposited the accused made a call to a number linked to Sydney Mfunda Gcaba; then the money was transferred to his account,” read Gweka.
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