President Cyril Ramaphosa is faced with mountainous challenges as he prepares to deliver the first-ever State of the Nation Address outside of the parliamentary precinct. Which brings us to his first: state security. Way back in his 2019 SONA he listed state security as one of the institutions that had been affected by state capture. A presidential panel report on the deadly and costly July 2021 riots released yesterday underscores this. It unveiled that documents, including a State Security Agency (SSA) report dispatched to the office of the National Intelligence Coordinating Committee on 8 July 2021 – the day former president Jacob Zuma was arrested for contempt, and sporadic outbreaks of violence had already started in KwaZulu-Natal – “categorically” stated that there was no information identified that showed Zuma’s supporters would “gather and protest in a specific area in the province”. This despite social media being awash with threats about how the country would “burn” if Zuma were arrested. What happened next was a total failure of our country’s intelligence and security structures.
Another is his inability to put the South African people first before his party, which is creating instability for his presidency and a downward trajectory of growth, employment and investment for his country, opines the Daily Maverick’s Ferial Haffajee. She lists five crucial moments where the President has made decisions that favour his position in the party over the law and the betterment of South Africa, one of which was in the aftermath of July’s failed insurrection. The opposition DA has called on Ramaphosa to fire his intelligence cluster ministers – Minister of Police Bheki Cele and then Minister of Intelligence Ayanda Dlodlo – in light of the expert panel report into the July unrest. Dlodlo is currently Minister of Public Service and Administration.
South Africans are calling for Rampahosa to give account of his five years in the hot seat: what happened to the ‘million internships in the next three years’ promised in 2018; when will we see the perpetrators of state capture be held accountable?
Don’t miss SONA 2022 on Thursday. It will no doubt be a watershed moment for Ramaphosa’s rule.
In the markets, the rand is trading weaker this morning at R15.56 as US higher bond yields pushes the dollar firmer. “The Rand is not being helped by the ongoing power problems and generally softer EM markets. We expect the local currency to remain in the recent R15.20/R15.70 broad range ahead of the US CPI numbers out on Thursday,” comments TreasuryONE.
On the commodity front, gold is holding on to yesterday’s gains, trading steady at $1,819, while platinum and palladium are both trading below last night’s weaker closing levels. Platinum is currently at $1,013 and palladium at $2,253, while aluminum prices are up once again as the impact of the lockdowns in China affects the restocking of inventories. It is currently trading at $3,165 per tonne, according to TreasuryONE.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
Zumapocalypse: SA’s damage far deeper than the R100bn wiped out by a single man’s legacy – Daily Maverick
Unions call for new R624 grant in South Africa – BusinessTech
Eskom says steps will be taken against some executives as it warns of more load shedding – Fin24
Global Business
Russian President Vladimir Putin warns Europe will be dragged into military conflict if Ukraine joins NATO – Sky News
Chinese firms pay women’s soccer team millions after Cup victory – Bloomberg
Unesco warns of crisis in creative sector with 10m jobs lost due to pandemic – The Guardian
Markets
Bitcoin snaps its three-month losing streak – TechCentral
Asian stocks mixed, impact of potential tighter monetary policy continues – Investing.com
Oil drops after scorching rally as markets eye Iran nuclear deal – Bloomberg
Opinion/In-depth
Julius Malema: The one man who can bring down the republic – Daily Maverick
Ramaphosa left with tricky choices as South Africa bungles Chief Justice appointment – The Conversation
What it’s like inside China’s Covid-safe, high-tech Olympic bubble – Bloomberg
Video
Gym Membership Fees | Alleged unfair business practice in gyms – eNCA
JSC’s choice: Who is Justice Mandisa Maya? – EWN
SONA 2022 | Focus on economic recovery – eNCA
Image: GCIS
