5 important things happening in South Africa today
Here’s what is happening in and affecting South Africa today:
Economy stronger than expected: Despite a host of challenges – including load shedding, Transnet woes and a rand crash due to the Lady R diplomatic crisis – the economy may have been stronger in the second quarter than in the first. This was due to mining and manufacturing, in particular, and according to Absa’s economics team, the economy is expected to grow 0.7% in the second quarter of 2023 compared to 0.3% in the first. [News24]
Load shedding optimism: Electricity minister Kgosientsho Ramokgopa said that Eskom’s generation capacity was consistently improving, and currently 29,000 megawatts are available. He noted that as we move into warmer days, less demand is expected – meaning lower stages of load shedding ahead. Energy Council of South Africa CEO James Mackay added that the country is in the best position ever since the start of near-permanent load shedding in September 2022. [EWN; 702]
SAA wants its pilots back: SAA aims to recall some former pilots as it expands its operations. During the restructuring of the airline, SAA entered into an agreement with the SAA Pilots Associations (SAAPA) that, should the airline be able to recruit more pilots, it would look at those pilots that were retrenched in 2021 first. SAA confirmed the pilot recall drive on Thursday (10 August). The airline did not indicate how many pilots it aims to recall, but according to industry insiders, it is almost 60. [Business Day]
Zuma’s release going to court: The DA will challenge the government’s decision to again free former president Jacob Zuma from his prison sentence for being in contempt of court in failing to testify before the state-capture inquiry. DA leader John Steenhuisen said, “The DA is going to challenge the decision, which we regard as a cynical manipulation of powers to once again protect and defend Mr Zuma from the consequences of his actions.” [BusinessLive]
Markets: The South African rand was flat on Friday (11 August) after former president Jacob Zuma avoided being returned to jail thanks to a reduction in his sentence approved by the current president, a move that eliminated a scenario where protests and riots could have again broken out. On Monday (14 August), the rand was trading at R19.03/USD, R20.82/EUR and R24.14/GBP. Oil is trading at $85.97 a barrel. (Reuters)
Loading ...