On Sunday evening the National Joint Operational and Intelligence Structure (Natjoints) released a statement announcing that 3407 people have been arrested on charges relating to the violence and looting seen across Gauteng and KwaZulu-Natal over the past weeks.
The looting started after the arrest of former president Jacob Zuma following a finding of contempt of court by the ConCourt after Zuma failed to appear before the Zondo Commission of Inquiry into State Capture. In the latest figures provided in the statement, some 212 people lost their lives during the violence and looting in what President Cyril Ramaphosa called a “failed insurrection” during a visit to Durban on Friday.
Minister in the Presidency Khumbudzo Ntshavheni is expected to provide an update on the arrests and death toll sometime this week while police have said that four people alleged to be instigators of the riots and looting have been apprehended and are expected to appear in court today.
Economists have re-evaluated South Africa’s growth estimates following the unrest and while the economy is expected to take a hit with long lines for food and petrol likely this week in parts of KwaZulu-Natal and Gauteng, the long-term effect on GDP growth will be minimal.
According to the head of capital markets research at Intellidex, Peter Attard Montalto, national retailers lost around R5 billion in stock while he cuts his GDP forecast to 0.7%
The rand regained its pre-riot exchange rate (R14,45/$) and retailers listed on the JSE are only slightly down. Pick ‘n Pay is down five points to 5 155 (-0,097%) and Woolworths down 11 points to 5317 (-0,21%) at the close of trading on Friday.
Meanwhile, Zuma is due in court today at the Pietermaritzburg High Court where he wants to testify as to why he should be acquitted without standing trial in the Arms Deal corruption case.
The application will be heard virtually.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Explosive revelations in South African Bitcoin Brothers saga – MyBroadband
Moody’s downgrades five South African municipalities due to rising liquidity – SABC News
Political Risk Back on Radar in Emerging-Market Currency Trades – Bloomberg
Global Business
Asian markets drop on fresh inflation, virus worries – AFP
More than half of experts in a recent crypto survey said bitcoin will replace fiat currency by 2050 – Business Insider
50,000 phone numbers worldwide on list linked to Israeli spyware: reports – AFP
In-depth
Twilight for a liberation party: It may be too late for the ANC to save itself – Daily Maverick
State ready to respond to Zuma’s claims of bias against prosecutor Billy Downer – Daily Maverick
How Guptas, Oppenheimers infiltrated ANC – The Herald
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