Last night, Supreme Court of Appeal (SCA) President Mandisa Maya dismissed former president Jacob Zuma’s latest bid to have prosecutor Billy Downer removed from his corruption trial.
The decision was confirmed by the Office of the Chief Justice (OCJ) after a statement was released, which also strongly denied any suggestion that the delays in the SCA dealing with two Zuma appeals – his corruption trial reconsideration application and his bid to appeal a court ruling that he had been unlawfully granted medical parole – had been deliberate.
The OCJ said it was “unfortunate” that the delays in the two matters have been attributed to Maya and blamed the delays on administrative challenges in the SCA office.
Maya’s decision comes after Zuma’s corruption trial was postponed until August so that she could rule on the reconsideration application.
The NPA also released a statement on Thursday evening, welcoming the SCA decision to dismiss the reconsideration application by Zuma said NPA spokesperson Mthunzi Mhaga.
In the markets, “The Rand managed to claw back yesterday afternoon’s losses and eventually closed firmer on the day at R15.68/$ as the Euro and Pound both bounced against the Dollar. The local currency touched an intraday weakest level of R15.86 before the turnaround by the Dollar,” comments TreasuryONE.
The Rand is trading a touch firmer at R15.67/$ this morning.
Yesterday’s local PPI data showed prices at the factory gate increasing at a faster pace. The YoY number grew by 13.1% vs. market estimates of 12.3%. The Russian central bank slashed interest rates by 3.0%, from 14.0% to 11.0%, in an effort to slow the sharp rally in the Ruble.
Gold ended flat yesterday while there were small gains for both platinum and palladium. Gold and platinum are trading unchanged at $1,852 and $949, respectively, while palladium is up 0.8% at $2,022. Tight supply continues to push the oil price higher, with brent quoted at $117.60 a barrel.
Here’s a round-up of what we’re reading:
SA Business
SA producer inflation hits record high of 13% – Fin24
Computicket pays another fine after exclusive deals with event organisers – Fin24
Sibanye Stillwater strike should have been at CCMA a long time ago: Analyst – SABC
Global Business
World Bank warns a global recession looks inevitable as food and energy prices spiral – Business Insider
White House expects minimal impact on US and global economy from Russia default – SABC
Brits set to spend millions on Platinum Jubilee merchandise – BBC
Markets
Asian Stocks Up Thanks to U.S. Rally and Strong Earnings – Investing.com
Asia shares join global rebound as Fed hike fears ease, China tech boost – SABC
Gold Up, Set for Second Weekly Gain as Dollar Falls from 20-Year High – Investing.com
Tech
Twitter shakeup: Co-founder Dorsey exits board – Bloomberg
Elon Musk sued by Twitter shareholder, alleging he manipulated its share price with his tweets – Business Insider
Crypto Scammers Pose as Journalists, NFT Projects on Twitter – Bloomberg
