5 important things happening in South Africa today
·23 Mar 2018
Here’s what is happening in and affecting South Africa today:
- Eskom wants to hike tariffs by 30% before the end of 2018 to recover money lost due to corruption around the Guptas and state capture, according to a report. Following a 7% increase granted by Nersa after the latest application, the public can now comment on Eskom’s application to recover over R66 billion it lost between 2014 and 2017. [Mining Review]
- Moody’s is expected to deliver its review of South Africa today, where it will decide whether or not to put the country into junk status along with the other two major firms. The report will also be seen as the first, early review of president Cyril Ramaphosa’s leadership, and whether South Africa is heading in the right direction, economically. [IOL]
- Chinese internet giant Tencent lost almost 10% of its market value after SA media group Naspers chose to sell off 2% of its shareholding. The Naspers sell-off was not the only factor at play, however, as the group’s quarterly report missed market estimates, and a trade war sparked by US president Donal Trump also hit Chinese markets. Tencent supported Naspers’ sale. [Reuters]
- Gauteng residents have been warned to be extra cautious as the province has been hit by flash floods, sinkholes and other dangers on the back of heavy rainfall in most areas in the province. Floods in Pretoria and Centurion have forced some roads to be closed, while emergency services have been deployed to areas that have been hardest hit. [EWN]
- South Africa’s rand weakened on Thursday as investors treaded cautiously and booked recent profits ahead of Moody’s review of the country’s sovereign credit rating on Friday. On Friday the rand started at R11.85 to the dollar, R16.73 to the pound and R14.62 to the euro.
Loading ...