NYC Becomes Latest City To Cut Back On Ties With Wells Fargo

NYC Becomes Latest City To Cut Back On Ties With Wells Fargo

FILE -- In this photo taken Monday, May 1, 2017 South African President Jacob Zuma attends a May Day rally in Bloemfontein, South Africa, where he was jeered by labor unionists and his speech was cancelled. Ruling party critics of Zuma pushed for his resignation on Sunday, May 28, 2017, amid concern about alleged corruption at the highest levels of the government, but the president still retained significant support within the divided party. (AP Photo/Khothatso Mokone, File)

Many in the party attribute the ANC's poor performance in local elections last year to scandals surrounding the president and want to shore up their popularity ahead of national elections in 2019. This weekend, opponents proposed a motion of no confidence against Zuma at a meeting of leaders of the African National Congress party, which has led South Africa since the end of white minority rule in 1994.

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This weekend's edition of the Sunday Times reported on emails allegedly showing the Guptas' control over some Cabinet ministers and state-owned companies, as well as the involvement of Zuma's son Duduzane, a Gupta associate. Zuma's ties to the Gupta family, Indian immigrant businessmen accused of trying to manipulate top government leaders for financial gain, has also stirred public anger.

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Two agencies, Fitch and Standard & Poor's, responded to Gordhan's dismissal by lowering South Africa's credit rating to below investment grade, raising concerns about an already struggling economy with high unemployment.

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The ban will be effective for one year. New York City is one of the largest bond issuers in in the country, issuing more than $7. 1 billion in bonds for general obligations as well as Transitional Finance Authority bonds in 2016 alone.

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