5 important things happening in South Africa today
·4 Jun 2018
Here’s what is happening in and affecting South Africa today:
- Energy minister Jeff Radebe has announced a new round in the renewable energy programme, which could see an additional R50 billion of investment in the sector. The round is expected to commence in November 2018, and will add 1800MW of renewable energy to the grid. [IOL]
- SAA CEO Vuyani Jarana says the airline just needs 3 years to turn its business around – and R22 billion. The exec said it was time to make touch decisions at the airline, such as cleaning up supply chains and restructuring, but it still has R9.2 billion debt hanging over its head, and needs R12.5 billion in working capital to break even. [Fin24]
- South Africa no longer has any nuclear agreement with Russia over its nuclear plans. Energy minister Jeff Radebe said that said agreement was set aside by the courts in 2017 as being invalid and unlawful, and the government has not challenged that ruling. The process was back at square one, he said. [eNCA]
- DA leader Mmusi Maimane has admitted that keeping former party leader, Helen Zille, in a decision-making role after he took over her position, was a mistake. In an interview this past weekend, Maimane said that it was untenable to have an old leader ‘in the back seat’ telling the new leader what to do. [Times Live]
- South Africa’s rand was set for a loss of around 1% against the dollar on Friday, as a manufacturing survey suggested that the economy was not yet firing on all cylinders under President Cyril Ramaphosa. On Monday, the rand started the week at R12.65 to the dollar, R16.91 to the pound and R14.79 to the euro.
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