5 important things happening in South Africa today
·27 Dec 2018
Here’s what is happening in and affecting South Africa today:
- While Eskom’s move to cut executive jobs is commendable, it will have to give over 550 other managers the chop to make a difference, energy experts say. The move also comes a year too late, with Eskom’s wage bill already being unreasonably high. [IOL]
- Starbucks’ expansion plans in South Africa have been put on hold, because they’re too expensive to open and operate. Taste Holdings which own the brand in South Africa said in its latest report that, while profitable, the stores’ return on investment was too low. [AFP]
- Gauteng residents can expect some relief from the heatwave that has hit for most of December, with cooler temperatures expected from Thursday. Extreme heat has put pressure on the province’s water supply, with dam levels dropping. [ENCA, 702]
- While economists hope for a more stable 2019, uncertainty still persists, which is reflected in predictions for the rand over the next 12 months. The range for where the rand will end up is wide, with predictions falling between R13.95 by the end of 2019, to as high as R16.50. [Moneyweb]
- The rand recovered slightly on Thursday after slipping against the US dollar on Monday ahead of the Christmas break. If the rand can hold momentum, it could see further gains. On Thursday the rand was at R14.56 to the dollar, R18.43 to the pound and R16.57 to the euro.
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