Business

5 important things happening in South Africa today

Staff Writer

 ·21 Nov 2022

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

• Erratic load shedding ahead: Eskom’s forecasts warn that South Africa will experience stage 3 load shedding on most days of the month until August 2023, provided that diesel is burned to make up for the shortfall. However, Eskom spokesperson Sikonathi Mantshatsha confirmed that Eskom does not plan to procure more diesel until 1 April next year – and that the group’s tanks are empty. This means that load shedding could reach stages above stage 4 in the coming months.  [News24]

• Ban of scrap metal exports: The government is set to introduce tighter measures to curb metal infrastructure theft, which is costing the economy about R187 billion a year. The department of trade, industry & competition has proposed that exports of ferrous and nonferrous waste and scrap metal be banned for an initial period of six months, despite objections by several stakeholders and the EU, a key trading partner. [BusinessLive]

• Taxi Strike: The South African National Taxi Council (Santaco) advised Western Cape commuters to make alternative transport arrangements this week as they plan to strike. Operators are planning a shutdown in protest against several grievances, including the issuing of heavy traffic fines, vehicle impoundments, and the discontinuation of the Blue Dot taxi pilot project. Over the next two days, the stay-away is expected to affect thousands of commuters in the province. [EWN]

• Energy projects in the pipeline:  According to Infrastructure SA (ISA), there are 328 projects in the pipeline, most of which relate to energy, human settlements, transport, social infrastructure and water – including so-called catalytic projects, worth more than R300 billion. These include the production of green hydrogen by Sasol for use in sustainable aviation fuel and the greening of industry, and the Hydrogen Valley Project, led by Anglo Platinum, aimed at creating a green hydrogen corridor with several hydrogen-related industrial, construction and transport projects. [Moneyweb]

• Markets: The South African rand was little changed in early trade on Friday (18 November) as investors awaited scheduled reviews of South Africa’s sovereign credit ratings by S&P Global and Moody’s. However, although government finances have been boosted by high commodity prices, risks like persistent power cuts and a public sector wage dispute mean the rating agencies may wait until after the February budget before taking any action. On Monday (21 November), the rand was trading at R17.34/$, R17.82/€ and R20.51/£. Brent crude is trading at $86.84 a barrel. [Nasdaq]