SAA photo by Hansueli Krapf, supplied

South African news today: Your headlines in five minutes for Wednesday 28 November

The biggest talking points for the day are right here, in the South African news today round-up: Two money-guzzling SOEs are after more cash.

by Tom Head

28-11-2018 07:46

in News

SAA photo by Hansueli Krapf, supplied

We’ve got a lot to get through in the South African news today round-up, including more developments from the “ISIS trial” in Durban and a recap of John Steenhuisen’s eventful clapback to the EFF in Parliament.

South African news today, Wednesday 28 November

Durban “ISIS trial” sees defendants get bail

The so-called “ISIS trial” taking place in Durban saw all 11 men bailed until February. The group are accused of orchestrating the Verulam mosque attack and a series of explosions across KZN. Apparent ringleader Farhad Hoomer had to pay R200 000 to secure his temporary freedom [Read more: TimesLive]

John Steenhuisen fires back at critics

After being berated for not having a university degree, Steenhuisen fired back at the elitist snobs (*cough*, the EFF, *cough*) during a Parliamentary address on Wednesday. It really was a case of the DA chief whip calling out the red berets for “hypocrisy” and “fascism” for the 15-minute speech, which was frequently interrupted by the opposition.

SAA need more bailouts

The SOE that just swallows money is up to its old tricks. Granted a R5 billion stimulus package last month, South African Airways (SAA) are already asking for more money to stay afloat. The company are projected to burn through another R8.5 billion by March, raising serious questions about their ability to operate.

Eskom secure another loan

Speaking of ailing state-owned companies, the African Development Bank Group have agreed to loan Eskom R3.2 billion. The bank says the deal is in place to “ensure capacity and further connections” in Southern Africa.

Gwede Mantashe at the state capture

Gwede Mantashe made his first appearance at the state capture inquiry on Tuesday, and will continue giving evidence to the commission on Wednesday. The blockbuster stuff is due to come today, after a rather subdued start to his testimony.

Dollar to rand exchange rate for 28 November

The US vs China trade war really isn’t good for anyone, and that could be the case for the rand later this week. The G20 are meeting on Friday, where attempts to de-escalate the confrontation are being planned. The rand starts Wednesday on R13.93 to the dollar.