5 important things happening in South Africa today
·25 Jul 2023
Here’s what is happening in and affecting South Africa today:
- US kickback fears: The government has warned that US legislators could use the upcoming African Growth and Opportunity Act (Agoa) Forum to highlight the country’s relationship with Russia and China to potentially exclude it from the preferential access to US markets that SA currently enjoys. The Agoa Forum is scheduled to be hosted by SA in November 2023. [Business Day]
- Load shedding optimism: Eskom chairperson Mpho Makwana said that by 1 March 2024, the energy availability factor (EAF) should be consistent at 65%, followed by 70% in March 2025. “At 70% energy availability, load shedding should not be needed,” he said. [Daily Maverick]
- Blue Light charges: Eight Presidential Protection Service officers who were caught assaulting three motorists on the N1 highway appeared in the Randburg Magistrate’s Court on Monday (24 July). According to the court, they face 12 charges, including pointing a firearm, reckless and negligent driving, malicious damage to property, assault with the intent to cause grievous bodily harm, obstruction of justice, and assault by way of threat. [eNCA]
- Bad news for sweet tooths: Brown and white sugar, as well as chocolate slabs, have seen major price hikes in the year to June, and prices are expected to remain elevated until at least December. This comes as global pressures caused by climate issues, such as drought, have stressed sugar production, while locally, two sugar producers – one being Tongaat Hulett – are in business rescue. International sugar prices remain 30% up year-on-year. [News24]
- Markets: The South African rand strengthened more than 1% against the dollar on Monday after weaker business activity in the UK, the eurozone, and the United States suggested fewer global rate hikes might be needed. On Tuesday (25 July), the rand was trading at R17.66/$, R19.57/€, and R22.69/£. Brent crude is trading at $82.98 a barrel. [Reuters]
Loading ...