NATIONAL NEWS - Here’s what caught our attention on Wednesday:
1. December CPI
South Africa‘s headline consumer inflation slowed to 4.5% year on year in December from 5.2% in the previous month, data from Statistics South Africa showed on Wednesday. Prices fell 0.2% in December, month-on-month, from an increase of 0.2% in the previous month.
2. Core inflation rate
Core inflation, which excludes the prices of food, non-alcoholic beverages, petrol and energy, was unchanged at 4.4% year on year in December from 4.4% in November.
3. PIC suspends two officials
The PIC suspended two officials on Tuesday following findings which revealed that they had openly disregarded governance rules pertaining to an investment in Ayo Technology Solutions. The revelation comes as the inquiry into the PIC is underway. Moneyweb is reporting that one of the suspended executives, Fidelis Madavo said the investment into Ayo Technology Solutions was passed onto his team by former PIC CEO, Dan Matjila to consider.
Read: Ayo Investment passed by Matjila – suspended PIC exec
4. Davos day two
World leaders are raising their voices and increasing their strides to discuss employment, poverty, climate change and various other topics at the World Economic Forum in Davos. Team SA, which is being headed by President Cyril Ramaphosa is also there to add their voice. Moneyweb is reporting that the spotlight at Davos may turn to the inquiries into the PIC and state capture currently taking place.
Listen: Team SA in the spotlight at Davos as corruption inquiries continue
5. World Bank comments on SA’s cost of education
South Africa wants to increase spending towards subsidising tertiary education, but the World Bank says the plan may put additional pressure on the budget, saying it is ‘fiscally unsustainable’. Bloomberg is reporting that the cost of tertiary education and training will more than double to R172.2 billion by 2022 or 2.5% of GDP. In 2017 the cost of tertiary education amounted to R65.4 billion.
