For Creamer Media in Johannesburg, I’m Bridget Lepere.

Making headlines: Top CEOs sign up to help tackle South Africa’s energy, transport and crime crises, Zuma fails in attempt to privately prosecute Maughan, Downer and, Zimbabweans drive stocks up 600% to dodge currency crash      

 

 

Top CEOs sign up to help tackle South Africa’s energy, transport and crime crises

CEOs from some of South Africa’s largest companies have agreed to lead workstreams set up to support government in tackling the country’s prevailing crises in the energy and transport sectors, as well as debilitating levels of crime and corruption.

Following a meeting between organised business and government yesterday, an agreement was reached to form a partnership to tackle the three issues, which have emerged as major obstacles to growth, development and job creation.

The partnership with government and State-owned companies will be pursued under the banner of Business for South Africa, or B4SA, which played a key role in supporting the country’s vaccination roll-out during the height of the Covid pandemic.

President Cyril Ramaphosa said the partnership with B4SA, which is Business Unity South Africa’s implementation platform, was driven by a shared determination to overcome the severe challenges currently faced by South Africa.

 

Zuma fails in attempt to privately prosecute Maughan, Downer

Former president Jacob Zuma's attempt to privately prosecute legal journalist Karyn Maughan and senior prosecutor Billy Downer has failed.

Judge Paul Wallis in the KwaZulu-Natal Division of the High Court said Zuma is interdicted and restrained from re-instituting, proceeding with, or from taking any further steps pursuant to, the private prosecution.

Zuma's bid failed after he accused Downer of leaking confidential medical information to Maughan in breach of the National Prosecuting Authority Act.

Maughan's counsel, advocate Steven Budlender, argued in court that Zuma brought the charges against Maughan because of the former president's "extraordinary animosity toward her".

 

Zimbabweans drive stocks up 600% to dodge currency crash   

Zimbabweans frantically trying to protect their savings from a collapsing currency have driven the country’s main stock index up by 600% this year.

Local traders see more gains in store because there are few alternative assets to buy.

Zimbabweans often turn to equities as a haven from currency meltdowns and episodes of hyperinflation, as happened in June 2020 when the inflation rate reached 837%.

The local currency slumped almost 60% last month alone. While a US dollar is officially worth 3 673 Zimbabwe dollars, the greenback changes hands on the black market at 3 900 to 4 300, according to ZimPriceCheck.com, a website that monitors exchange rates.

 

That’s a roundup of news making headlines today

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