5 things you need to know in SA business today and the best reactions to yesterday's cabinet reshuffle
1. The rand is trading at R13.75/$ this morning after yesterday's rate hike. Higher interest makes the rand a more attractive investment option for international traders. The repo rate was increased by 25 basis points to 6.75%. Reserve Bank governor Lesetja Kganyago said the central bank was looking at four 25 basis points hikes by the end of 2020 to help tame inflation. This would bring the repo rate to 7.5% by the end of 2020.
2. MTN's massive problems with the regulators in Nigeria may be coming to an end - Reuters reported yesterday that Nigeria’s central bank is on the verge of announcing an agreement on MTN. The bank has demanded that MTN return more than $8 billion in dividends to the country.
3. Capitec's bid to buy the business bank Mercantile has succeeded. Capitec, who wants to provide finance to small and mid-size companies, is paying more than R3 billion to buy the bank from a Portuguese state-owned bank.
4. Black Friday is currently firing on all cylinders in South Africa. People have been shopping at Dion Wired and Game stores since midnight, and Pick n Pay, Shoprite and Checkers will open stores early.
5. An employee has died as the Amcu strike at Sibanye-Stillwater turned violent yesterday.
The best reactions to yesterday's cabinet reshuffle
President Cyril Ramaphosa made some changes to his cabinet yesterday.
Stella Ndabeni-Abrahams, who is considered a rising star in the ANC's top structures, was appointed communications minister. The telecommunication and communication departments are going to merge, Ramaphosa announced.
Siyabonga Cwele (former minister of telecommunications) replaces Malusi Gigaba as Minister of Home Affairs. And, in a demotion, Nomvula Mokonyane (former minister of communications) fills the position of the late Edna Molewa as Minister of Environmental Affairs.
Here are some of the reactions on social media:
A cabinet shuffle’tjie.— Ferial Haffajee (@ferialhaffajee) November 22, 2018
Meet the new South African Minister of Communications (including Telecommunications) - Stella Ndabeni-Abrahams, she is 41 years old!! The entry of a young black woman into cabinet especially such a critical position is fantastic news!! #NeverStopDreaming. pic.twitter.com/Kb1CXjE6Uz— Philisiwe SIBIYA (@Phili_Sibiya) November 22, 2018
#cyrilramaphosa is proving to be all hat and no cowboy. Keeping Bathabile Dlamini is tacit approval of her part in the SASSA screw-up, and she didn't care at all. I really thought he had SA's welfare in his heart. Apparently, he likes incompetence and crooks.— Dianne Bayley (@dibayley11) November 23, 2018
It would be a dangerous endeavor to fire Bathabile Dlamini when she has the backing of the ANCWL, ANC KZN & NDZ faction of the ANC.KZN makes up 20% of registered voters, a 20% that could be lost to IFP with Gauteng split in half between the ANC & DA#CabinetReshuffle— Njabs (@JayMaclezi) November 22, 2018
It is actually quite interesting listening to some analysts responding to today’s Presidents Cabinet Appointments, that he intends major reshuffle only after National elections. Will the ANC still be in power after the National elections?— Herman Mashaba (@HermanMashaba) November 22, 2018
What kind of cabinet reshuffle is this that’s not announced at midnight?— Zakes Mda (@ZakesMda) November 22, 2018
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