financial losses

Here’s what is happening in and affecting South Africa today:

1. SAA says that a growing number of employees are abandoning the strike and returning to work. A big reason for this is the ‘no work, no pay’ principle being applied, with the airline warning that employees that strike for 7 days could take up to 4 months to recover the financial losses. The strike has been going for 5 days, with unions not backing down. [Southern African News]
2. Joburg will be launching its festive season policing plan this Friday, which will see higher levels of police presence and stricter policing all throughout the festive season. Police officers are not being given leave over the season, as resources are low, the city said. The plan is clamp down on crime and traffic offenders, while also increasing police visibility. [702]
3. The Special Investigating Unit has confirmed it is investigating the possible theft of South African military IP, which relates to air-to-air missiles, stand-off weapons, surface target missiles, air defence and unmanned aerial vehicle systems. Denel employees are alleged to have inappropriately passed information to Saudi Arabian Military Industries during talks over a potential partnership. [Reuters]
4. As South Africans grow impatient around the lack of action being taken against those accused of stealing billions of rands through corruption, the National Prosecuting Authority says that there is no room for shortcuts, and they will have to wait a bit longer. Regarding state capture, the NPA is going through all the leaked Gupta emails and building a case that will stand up in court. [ENCA]
5. South Africa’s rand weakened on Wednesday, reflecting gains by the dollar, while stocks tread water as worsening US-China relations fuelled demand, weakening demand for riskier assets and weighing on world markets. On Thursday the rand was at R14.77 to the dollar, R19.09 to the pound and R16.35 to the euro.