The collective efforts of the police, public order policing, the army and the community to protect still-standing properties in KwaZulu-Natal and Gauteng has brought some order, but South Africa remains on high alert as we head into the weekend.
And as we reflect on what happened over the past week, it is clear that the political and socioeconomic crisis in South Africa has not arisen by chance. For analysts Greg Mills and Ray Hartley it is a result of liberation-movement populism that protects entitlement and impunity.
For the credit ratings agency Moody’s the escalation of violence represents a manifestation of South Africa’s exposure to social risks inherent in its credit profile, stemming from the high levels of income inequality and unemployment, particularly among the youth.
Fitch in turn warned that the riots highlight “tail risks to social and political stability and could affect fiscal policy … complicating efforts to stabilise the level of government debt to GDP”. For now, it says, the unrest will likely have little impact on the country’s sovereign creditworthiness.
With this, together with the invisible enemy that is Covid-19, the fight is long from over.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Green Scorpions close in as Karpowership fights to rescue R225bn deal – Daily Maverick
Petrol prices set for whopping increase as fuel ‘hammered from all sides’ – News24
South Africa pushed to the brink in test of Ramaphosa authority – BusinessTech
Markets
Bitcoin bombs – MyBroadband
US close: Stocks mixed as more earnings roll in – ShareCast
Asian stocks down as Covid-19 economic recovery concerns persist – Investing.com
Global Business
J&J sunscreens pulled from pharmacy shelves – Reuters
Uber’s $59m assault data fine slashed to $150,000 – Bloomberg
Xiaomi overtakes Apple as world’s No.2 phone maker, Canalys says – Bloomberg
In-depth
Time Bomb South Africa: The building blocks that triggered, facilitated and sustained the civil unrest – Daily Maverick
Why have South Africans been on a looting rampage? Research offers insights – The Conversation
Confessions of a dangerous mind, a ‘divinely inspired’ Zuma spy Thulani Dlomo – Daily Maverick
Download the news aggregator app SAccess, available on Google Play and the App Store, to stay on top of business and market news from around the world.
