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Carl Niehaus Pushes Ahead with Fraud/Corruption Charges vs ANC Top 6

SOUTH AFRICA

LOCAL NEWS

  • Fired ANC member Carl Niehaus is pushing ahead with fraud and corruption charges against the party's top six – relating to the non-payment of ANC staff salaries.
    • Niehaus is a staunch ally of Jacob Zuma and Ace Magashule and will likely be less encumbered by party structures now that he has been fired and could be a persistent thorn in Ramaphosa's side going forward. Niehaus says he and others will open up a case at 11am local time today.
  • Financial services providers warn of a mass exodus of high-earning and skilled individuals from SA – noting a sharp decline in taxpayers earning R750,000/yr or more in the past two financial years, with companies warning that the loss of skills will damage the economy, which is already struggling with a shrinking tax base and record levels of unemployment.
  • Economists warn more South Africans are dependent on social grants and welfare from the state than in jobs getting a salary– with 20.5m living off grant while only 14.9m are formally employed.
    • Latest employment data points to 14.9m employed & 7.8m jobless; however, with the extended definition, the jobless number climbs to 16.8m. Govt is now mulling another basic income grant which will put even more people on the state's tab
  • SA reports 3,699 new covid cases & 300 deaths. KZN remains the most affected at 25% of cases, followed by Eastern Cape at 18%.

Data:

  • 1200BST: July Retail sales m/m exp at -2.7% vs 0.6% prior
  • 1200BST: July Retail sales y/y exp at 3.3% vs 10.4% prior
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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