Business

5 important things happening in South Africa today

Staff Writer

 ·25 Mar 2019

Here’s what is happening in and affecting South Africa today:

• Eskom says that it does not expect to implement load shedding this week, but warned that it could return at any time, as the system remains vulnerable. Power performance and water reserves have improved at its stations, it said. [Eskom]

• Economists currently hold a grim outlook for South Africa, with the concerns over the country hitting another technical recession, and facing a downgrade from ratings agency Moody’s which will put the country into full junk. [Fin24]

• Former Bosasa executive Angelo Agrizzi says he will continue to give testimony before the state capture commission, despite being arrested and facing charged. Agrizzi has delivered some of the most explosive revelations at the commission thus far. [BusinessLive]

• The US will reportedly cut South Africa’s HIV treatment funding by R5 billion, saying the country’s fight against Aids is “grossly suboptimal”. South Africa receives around R10 billion in aid from the US for the fight against HIV. [TimesLive]

• South Africa’s rand fell on Friday after disappointing economic data from the euro zone added to concerns of a slowdown in global growth and drove investors away from riskier assets. On Monday the rand was at R14.53 to the dollar, R19.17 to the pound and R16.42 to the euro.