Energy

5 important things happening in South Africa today

Staff Writer

 ·29 Sep 2023

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

• Power ship battle: Powergroup SA, the local empowerment partner of Karpowership SA’s majority shareholder Karadeniz Holdings, has failed in its bid to stop the company from taking back its shares held in the company. The court said that the interdict was moot, as the shares have already been moved, and an interdict can not restore the shares. Karadeniz Holdings is looking for new partners following Powergroup SA’s failure to deliver on certain financial commitments. [Business Day]

• Chicken shortages: South African consumers should expect to pay higher prices for poultry during the festive period due to the severe avian flu outbreak. “We are already seeing shortages in commercial table eggs in the marketplace, and that will put upward pressure on the price of table eggs,” said the general manager of the SA Poultry Association, Izaak Breitenbach. He added that chicken meat prices will also likely increase over the festive period. [Moneyweb]

• MTN takes on the banks: MoMo, MTN’s mobile money platform, has launched several new features, such as a business wallet, streamlined payments, and international remittances. MTN said that the new features form part of its plan to provide a low-cost alternative service that allows those without bank accounts to access the formal financial services market. [MyBroadband]

• Cadre fight: The DA wants ANC Secretary-General Fikile Mbalula jailed for contempt of court after failing to provide the records of its cadre committee while President Cyril Ramaphosa was its chairperson. Since 2021, the nation’s two biggest political parties have been in a legal battle over the records. The nation’s ruling party also recently failed to file its mooted appeal to the Constitutional Court on time, with it failing to hand over the records to the DA. [News24]

• Markets: The rand strengthened on Thursday ahead of the release of several pieces of economic data, including the trade and budget balance. The rand was, however, little affected by the sharp rise in Producer Price Inflation from 2.7% in July to 4.3% in August – far ahead of the market consensus of 3.7%. On Friday (29 September), the rand was trading at R18.94/$, R20.05/€, and R23.16/£. Brent crude is trading at $92.77 a barrel. [Reuters]