Opposition Files No Confidence Motion Following Platinum Strikes In South Africa

The Street reported deadly platinum strikes have led to a downgrade of South Africa’s credit rating, pushing eight opposition parties to file a no confidence motion against President Jacob Zuma.

As quoted in the market news:

Opposition parties on Thursday submitted a motion of no confidence against President Jacob Zuma saying that corruption and unemployment have risen, the justice system has been politicized and the economy has weakened. The ruling party called the move a publicity stunt.

The motion, backed by eight opposition parties, was triggered by a violent strike at a platinum mine that killed 46 people, the downgrading of South Africa’s credit rating by two major agencies and big spending of state funds on Zuma’s rural residence, according to a joint statement by the parties.

Click here to read the full Street report.