On this International Anti-Corruption Day it’s apt to look at how far we’ve come since our lost decade plus of state capture under Jacob Zuma’s rule, and it isn’t a good sight. We thought the Zondo Commission would see the state capture perpetrators brought to book and herald an end to large-scale corruption. We thought wrong. In the last two years, we’ve seen 32 major scandals, four in 2021 alone, including the most shameful Digital Vibes and PPE procurement scandals which robbed the most vulnerable and needy in our society from valuable resources in the heart of the Covid-19 pandemic.
And our prosecuting authorities are under pressure. The resignation of Hermione Cronje, the NPA head of Investigative Directorate, has been seen as a major setback in the fight against corruption. Referring to state capture cases the Investigating Directorate is pursuing, National Director of Public Prosecutions Shamila Batohi told a briefing that “the stakes are high” and they “cannot afford to fail”. Despite being short-changed on funding and political commitment, the ID has built 17 cases so far, but Batohi admitted none were yet concluded. Patience is running thin, but we surely cannot expect Batohi, given Zuma’s destruction, to restore the NPA within a couple of years.
For ANC stalwart Murphy Morobe, who suffered imprisonment and torture for us to be free, the fight against corruption is a fight for the survival of our democracy. We all need to join the fight. The theme of International Anti-Corruption Day – Your right, your role: Say no to corruption – encourages this. Perhaps we can all join the Ahmed Kathrada Foundation, along with legal bodies, faith organisations and business lobbies, in its campaign against corruption which will culminate on International Human Rights Day tomorrow.
Last night, four of our brave whistleblowers, including Babita Deokaran who paid with her life, received international recognition for their efforts in exposing corruption. The Blueprint for Free Speech said the murder of Babita Deokaran, the ill treatment of Thabiso Zulu, the assassination of his friend Sindiso Magaqa, and the departure of Athol Williams have all raised international awareness of the plight of whistleblowers in South Africa.
Meanwhile, over at the SABC, head of news and current affairs Phathiswa Magopeni is alleging that the public broadcaster’s CEO and chairperson are weaponising the airing of a Special Assignment episode against her.
In the markets, the rand closed at its best levels in nearly three weeks as positive news on the Covid vaccine front saw a move to riskier assets. Gains in commodities also helped the currency. TreasuryONE reports emerging markets firmed, and the dollar slipped against most currencies, with the rand closing more than 1% firmer at R15.69 overnight. “The R15.50 target for the rand is in play now, but we are unlikely to see that level before tomorrow’s US inflation data. The FOMC meeting next week will also remain essential,” comments the forex trading house.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
IMF staff to govt: Cut irrelevant, underperforming SOEs – and no more backing without reforms – Fin24
Sacci Business Confidence Index declines in November – Daily Maverick
South Africa’s economy is alive and kicking – contrary to what the quarterly GDP figure suggests – Daily Maverick
Global Business
Which Workers Are Best Placed to Gain as Pay Surges Across U.K. – Bloomberg
Apple Nears $3 Trillion in Market Value. Here’s Some Context – Bloomberg
New Zealand plans to phase out tobacco sales – AFP
Markets
Asia markets follow Wall Street with opening gains – AFP
Oil stays on the rebound as Omicron fears ease – Reuters
Gold down, dollar up as investors await key US inflation data – Investing.com
Opinion/In-depth
Children, Covid-19 and an increase in hospital admissions: A paediatric expert tells us more – Health24
Elon Musk has it all wrong on subsidies – Tesla benefited from state backing, too – Bloomberg/News24
A vaccine mandate is not South Africa’s pandemic silver bullet – Daily Maverick
Video
Liquor traders not bottling up anymore – eNCA
Sean Peche’s 10 market surprises for 2022 – Biznews
Amazon cloud outage hits major websites – Reuters
