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World Business Report: First broadcast 2017/03/31 14:32 GMT: South Africa's Zuma sacks Gordhan

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South Africa's Zuma sacks Gordhan

First broadcast 2017/03/31 14:32 GMT

First broadcast 2017/03/31 14:32 GMT: South Africa's Zuma sacks Gordhan

BBC World Service - World Business Report, South Africa's Zuma sacks Gordhan

Turmoil after President Zuma fires key cabinet members respected by the financial markets

The country's currency, the rand, at one stage slipped nearly 6% against the US dollar.

South Africa is in turmoil after President Jacob Zuma fired his widely respected Finance Minister Pravin Gordhan, his deputy at finance Mcebisi Jonas, and eight other cabinet colleagues. The move was denounced by Mr Zuma's own deputy, Cyril Ramaphosa, as "totally unacceptable". The rand fell more than five percent overnight. Bank stocks also dropped. We talk to Colin Coleman - Managing Director of Goldman Sachs International, in Johannesburg. Meanwhile, European Council President, Donald Tusk, has been pontificating on Brexit, while in Malta. There's been a big gap between the stated positions of the British government and several European leaders on the process by which the UK's departure from the EU should be negotiated. The French and German leaders have been unequivocal - divorce first, new cross-channel relationship to follow. Prime Minister Teresa May, and her allies in London, want a dual-track, simultaneous process. (Picture: South African President Jacob Zuma. Photo by Mikhail Svetlov/ Getty Images)

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