5 important things happening in South Africa today

·3 Oct 2022

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

Deadline looms for building owners: Building owners have until 7 December to obtain Energy Performance Certificates (EPC) or risk fines and imprisonment. These penalties include a fine of up to R5 million, five years imprisonment, or both, according to the South African National Energy Development Institute (SANEDI). The certificate is part of the government’s efforts to make buildings more energy efficient and could reduce the strain on the electricity grid. [News24]

Eskom transition head resigns: The head of Eskom’s energy transition department Mandy Rambharos has resigned in the middle of negotiations with some of the world’s wealthiest nations to secure a more than R150 billion package to finance a quicker transition from coal. Her resignation comes ahead of the November COP27 international climate summit in Egypt. [Moneyweb]

No merits: McKinsey & Co, one of the multinational consultancies implicated in the state capture saga is pushing back against prosecution in South Africa saying that the NPA’s case has no merit. Representatives of the group were charged by the NPA over a R400 million Transnet fraud case. McKinsey said it has cooperated with all investigations and authorities, and individuals no longer in their employ need to account for their own actions. [BusinessLive]

Ramaphosa nominated for re-election: Cyril Ramaphosa has been nominated for a second term as president by his branch in Chiawelo, Soweto. It’s also been recommended that Paul Mashatile be elected as his deputy. These nominations are now backed by ANC leaders in Limpopo, North West and Mpumalanga. Ramaphosa says he will know his intentions on whether he is available to serve for a second term at the party’s upcoming 55th national elective conference in December. [TimesLIVE]

Markets: The rand remains tethered to the R18 mark, while volatility could pick up through the session as quarter-end portfolio rebalancing occurs. Shares on the Johannesburg Stock Exchange rose slightly, with the Top-40 and the broader all-share indexes rising around 0.8% in early trade. The rand is currently trading at R18.07/$, R17.68/€ and R20.10/£. Brent crude is trading at $87.30 a barrel. [Nasdaq]

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