South Africa's rand gains on Zuma exit rumours; stocks flat

South Africa's rand gains on Zuma exit rumours; stocks flat

South Africa's rand gains on Zuma exit rumours; stocks flat

Nonprofit organisation Transform RSA on Wednesday sent a legal letter to the ANC national executive committee (NEC) that served as "an urgent warning" against any intentions of removing President Jacob Zuma from office.

In the run-up to the NEC's first meeting yesterday, it was believed that the matter would be addressed in relation to the future of President Jacob Zuma as the head of state.

"For Ramaphosa to build on the momentum of his ascendancy to ANC president and boost investor confidence, he will only have a relatively short window to remove Zuma", said Mike Davies, the founder of political-advisory company Kigoda Consulting.

Zuma had challenged the right of the Public Protector to call for a judicial inquiry and the appointment by the chief justice of a judge to head it, saying it was the president's prerogative whether to set up such an inquiry. Joining CNBC Africa to unpack these developments further is Richard Calland, Law Professor, University of Cape Town. "If not, it will be war which only Cyril can win - but at great cost to his party and his presidency".

Lionel Messi can be leaving Barcelona for free; here's why
The three points cancelled out second-placed Atletico Madrid's win over Getafe on Saturday to restore a nine-point advantage. Ousmane Dembele and Luis Suarez both came close before the Uruguayan forward battered home the second in the 38th minute.

UEFA names Team of the Year 2017
De Gea was one of Manchester United's most important players as they claimed two trophies in 2017, including the Europa League. PSG's Dani Alves was selected by the fans for the right-back spot.

What does your 2018 property assessment mean for your tax bill?
Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market. Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year, according to B.C.

In 2016 a damning report questioned Zuma's dealings with the Guptas, a wealthy family of Indian origin, who allegedly were granted influence over his cabinet appointments.

Before taking office, Zuma dismayed the nation during his 2006 rape trial when he told the court he had showered after having unprotected sex with his young HIV-positive accuser to avoid, he said, contracting the virus. The president approved the probe in a private meeting with Ramaphosa on January 7, according to three ANC officials with knowledge of the matter who asked not to be identified because the talks weren't publicly disclosed. His second and final term is due to end around mid-2019.

At 0645 GMT the rand was 0.4 percent weaker at 12.3525 per dollar compared to a close of 12.3050 in NY on Friday.

Latest News