5 important things happening in South Africa today
·14 Dec 2023
Here’s what is happening in and affecting South Africa today:
- Eskom set for R23.2 billion loss: The state-owned power facility is anticipating to register its seventh consecutive full-year loss due to its mounting debt, high financing costs, poor plant performance, and increasing arrears book. [BusinessTech]
- Nations agree to move away from fossil fuels: At the COP28 climate summit in Dubai on Wednesday, representatives from nearly 200 countries (including South Africa) agreed to begin reducing global consumption of fossil fuels to avert the worst of climate change, signaling an anticipated end to the oil age. [Reuters]
- Gordhan refuses to share SAA purchase agreement: The Minister of Public Enterprises has declined to present parliament with the shortlist of bidders and the sale/purchase agreement signed with Takatso in the sale of 51% of the airline. Gordhan stated that he could not to do so due to confidentiality agreements with the buyers. [News24]
- Major shake-up for visas: South Africa’s Home Affairs Minister Aaron Motsoaledi has signed new work permit regulations in hopes of fixing bureaucratic hurdles for investors and a skills crisis. The changes will be released for public comment soon. [BusinessTech]
- Markets: The South African Rand strengthened against the dollar, which was under pressure after the Federal Reserve’s latest economic projections indicated that the interest-rate hike cycle has come to an end and lower borrowing costs are coming in 2024. On Thursday (14 December), the rand was trading at R18.57 to the dollar, R23.49 to the pound and R20.25 to the euro. Oil is trading at $74.58 a barrel. [Reuters]
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