Business

5 important things happening in South Africa today

Staff Writer

 ·29 Nov 2022

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

• Courts not helping Eskom: Eskom CEO André de Ruyter says he’s questioning the criminal justice system’s commitment to combating crimes against the state after the recent arrest and subsequent release of an alleged coal thief by the Belfast magistrate’s court. De Ruyter says threats to staff have dramatically increased since the power utility started clamping down on sabotage and corruption. Station managers are now wearing bulletproof vests to work, and the SAPS are doing little to assist Eskom. [Business Live]

• Nersa to decide on electricity tariff:  South African consumers may be in for another electricity price shock if national energy regulator Nersa approves the recommendation of its electricity subcommittee. The regulator members will decide on Tuesday (29 November) whether Eskom is entitled to recover 32% more revenue from electricity users next year and, if not, how big an increase it will allow. It will also announce how much tariffs will increase in the subsequent year. Eskom applied for a further 10% increase. [Moneyweb]

•  JET Corruption: Several experts have warned that Covid PPE-style corruption threatens the R1.5-trillion purse attached to South Africa’s Just Energy Transition-Investment Plan (JET-IP) plan, and it will need very tight governing. $8.5 billion has already been mobilised by international partners in the first phase of the programme. In light of these concerns, the Presidency has said that it will adopt a hybrid governance structure for the programme so that decision-making on the funds is shared. [TimesLive]

• Phala Phala report: The Section 89 panel report into President Cyril Ramaphosa’s management of the Phala Phala farm scandal will be handed to the speaker of the National Assembly, Nosiviwe Mapisa-Nqakula, on Wednesday (30 November). The independent panel was established to determine whether or not the president’s conduct warrants his impeachment. Members of parliament are set to discuss the report’s recommendations on 6 December 2022. [eNCA]

• Markets: The South African rand weakened early Monday (28 November) amid protests in major Chinese cities against the country’s strict zero-Covid curbs dented global market sentiment. The protests raised investors’ concerns about the growth implications for the world’s second-largest economy. On Tuesday (29 November), the rand was trading at R17.11/$, R17.76/€ and R20.50/£. Brent crude is trading at $85.31 a barrel. [Nasdaq]