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Five things making headlines in South Africa today 

Zuma’s exit plans to unfold, unemployment drops slightly, Harmony Gold and Kumba Iron Ore results and Bank of Baroda exists SA.

Here’s what caught our attention on Tuesday

  • Is Zuma’s deal sealed?

After 13 hours of continuous deliberation between ANC top officials in Pretoria on Monday, a source says that the ANC has decided that it will dismiss Zuma. The final outcomes of the last night’s meeting will be revealed during a briefing at 14:00 on Tuesday.

  • Unemployment rate drops slightly

South Africa’s unemployment figures for the fourth quarter dropped slightly to 26.70%, data by Statistics South Africa show. The unemployment rate for the third quarter in 2017, was at 27.7%, an increase from the second quarter.

  • Harmony Gold interim results

Harmony Gold released its interim results for the six months ending on December 31 on Tuesday. The company reported a 49% increase in headline earnings per share to 224 South African cents, a 6% increase in gold production and a 2% decrease in all sustaining costs to R500.

  • Kumba reports gains

Kumba Iron Ore published its annual results on Tuesday. The mining company, which supplies iron ore to steel industries, reported productivity gains: an 8% increase in production and total sales of 44.9 Mt. The company performed in line with its expectations for 2017. Headline earnings were up 12% to R9.7 billion, or R30.47 per share. A final cash dividend of R15 per share was declared, with a total dividend for the year of R30.97 per share.

  • Bank of Baroda

On Monday, reports emerged that India’s Bank of Baroda will exit South Africa. The bank was the last financial institution offering banking services to the controversial Gupta family. The South African Reserve Bank did not give reasons for the departure, but said the process will be orderly.

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