5 important things happening in South Africa today
·28 Feb 2019
Here’s what is happening in and affecting South Africa today:
- Eskom has warned that load shedding could return this week, if it loses additional units at power stations. The grid came under pressure on Wednesday night after units at its power stations failed. [Reuters]
- Multichoice has comfortably entered into the JSE Top 40 after its debut on Wednesday, where its shares closed over R106, giving it a market cap of R46.5 billion. The group listed at a price of R95, and saw its stock price climb as high as R115. [Business Day]
- UK toy store brand Hamleys is in trouble in South Africa, with its local franchise operator Ensolor being put into business rescue, and several stores in the country closing down. Big branches at Mall of Africa and Sandton City have been shuttered. The brand has been around since 1760, and is also under pressure in the UK. [Moneyweb]
- President Cyril Ramaphosa says the government needs to clamp down on bogus ‘religious leaders’ who are taking advantage of their supporters – but added that it’s not an easy thing to do. He said government will start by engaging with religious leaders for solutions, rather than dictating new rules. [IOL]
- South Africa’s rand weakened on Wednesday as risk demand in global markets was soured by an escalation in tensions between India and Pakistan, prompting investors to flee into safe haven assets. On Thursday the rand was at R13.94 to the dollar, R18.54 to the pound and R15.86 to the euro.
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