Here’s what is happening in and affecting South Africa today:
- South Africans are facing another blow as the energy regulator has given Eskom the green light to hike electricity tariffs. Any increase will come into effect in April 2019. Analysts believe that the hike could be between 10% and 19%. [IOL]
- Finance minister Nhlanlha Nene will deliver his testimony to the state capture commission today. Nene is expected to give more detail around ‘secret’ meetings he had with the Guptas during his first term as finance minister, as well as the conditions around his being fired by former president Jacob Zuma. [Reuters]
- The taxi industry is threatening strike action following record petrol price increases, saying that it is forcing them to hike tariffs. Analysts expect the fuel price increase to ripple through various industries, raising the prices of goods, transport and many other services across the value chain. [EWN]
- Grahamstown has been officially renamed as Makhanda, following a final determination from after Arts and Culture Minister Nathi Mthethwa. The name change was approved in June, but faced a number of complaints. The complaints were heard, and taken into account, but the name change is now final. [News24]
- South Africa’s rand retreated again on Tuesday as turmoil in Italy sparked off a selloff on the euro that spread to emerging market currencies as investors avoided risk assets and fled to safe havens. On Wednesday the rand was at R14.34 to the dollar, R18.65 to the pound and R16.61 to the euro.