By Melani NathanÂ
- Joe Biden, who was the 47th vice president of the USA from 2009 to 2017 under President Barack Obama, is the president-elect. Mr. Biden was first elected to the US Senate in 1972. He unsuccessfully sought the Democratic presidential nomination in 1988 and 2008. Joe Biden officially clinched the presidency after the Electoral College confirmed his victory, ending a tumultuous period sparked by Donald Trump’s refusal to acknowledge he lost. Biden will be inaugurated as the 46th president on the 20th of January. Subscribe to BizNews Premium for updates on major developments that affect US and global stock markets.
- The ANC’s Integrity Commission said the party must implement an August resolution that officials facing criminal charges be removed from office, according to a document seen by Bloomberg and confirmed by two people familiar with the matter. In early November, an arrest warrant was issued for Secretary-General Ace Magashule relating to charges of fraud and money laundering. Magashule is accused of failing to oversee an asbestos roofing project when he was the Premier of the Free State, resulting in R255m worth of fraudulent transactions. He has refused to step down.
- According to the South African Reserve Bank, the country recorded foreign direct investment outflows of about R16bn in the third quarter, as local subsidiaries repaid loans to foreign parent companies. That compares to FDI inflows of  just over R17bn in the second quarter. Portfolio investments, reflecting a record of buying and selling of securities such as bonds and shares, registered outflows of nearly R29bn in the third quarter compared to outflows of around R55bn in the prior quarter.
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