Business

5 important things happening in South Africa today

Staff Writer

 ·15 Feb 2023

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

• New minister role explained: Mineral Resources and Energy Minister Gwede Mantashe says the new electricity minister will focus exclusively on Eskom’s power stations. The new electricity minister will try to improve Eskom’s energy availability factor (EAF), while Mantashe will continue to focus on new procurement. The new minister will mainly focus on improving the EAF at six of the targeted power stations, which include five of the worst-performing stations and the embattled Kusile power station. [News24]

• Sponsorship deal spurred on: SA Tourism says it will continue with the controversial Tottenham Hotspur sponsorship deal worth nearly R1 billion. Despite widespread objection to the proposed deal – including from President Cyril Ramaphosa, Board chairperson Thozamile Botha said that a lot of time and resources went into the deal and that it has to follow certain procedures, which it can’t stop without an appropriate explanation. Botha said that Finance Minister Enoch Godongwana will decide if the project receives funding. [EWN]

• Midrand in the dark: Several residential complexes in Midrand are without power after City Power disconnected them due to R37 million of unpaid bills. City Power Spokesperson Isaac Mangena said that paying tenants were left in the dark due to unscrupulous landlords. Mangena added that some landlords launch queries, which compels City Power to continue providing electricity – some of those cases could take up to five years while unpaid bills continued to rise. [702]

• Phala Phala revisited: The African National Congress (ANC) says it could revisit the Phala Phala matter against President Cyril Ramaphosa if more concrete evidence emerges. Speaking at the Western Cape High regarding a secret ballot case brought forward by the African Transformation Movement (ATM), the ANC said that it did not vote against the independent panel report to protect Ramaphosa but rather due to the impeachment inquiry being premature. [EWN]

• Markets: The South African rand firmed on Tuesday against the US dollar, which fell to a roughly two-week low after data showed US inflation rose at its slowest pace in 16 months. South African inflation and retail sales figures will be published later today, as well as a business confidence index from the South African Chamber of Commerce and Industry. On Wednesday (15 February), the rand was trading at R17.96/$, R19.25/€, and R21.83/£. Brent crude is trading at $84.84 a barrel. [Nasdaq]