5 important things happening in South Africa today

·3 May 2023

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

Private sector to the rescue: Despite South Africans being subjected to higher stages of load shedding, Nolan Wapenaar, Anchor’s co-chief investment officer, says that things will improve. He does not believe that Eskom will be to solve its issues but rather that the private sector will fill the energy void. He said that there are already several indicators that the private sector is stepping in, such as the rapid increase in lithium battery imports. [Moneyweb]

Win for Karpowership: The Department of Forestry, Fisheries and Environment (DFFE) has dismissed The Green Connection’s allegations of noncompliance regarding Karpowership’s proposed Saldanha Bay project, citing a lack of evidence. In March, the Karpowership’s application for environmental authorisation for a 320 MW gas power plant was halted, with the DFFE needing to investigate the allegations. With its latest decision, the department will be able to consider Karpowership’s application. [News24]

Bara baby crisis: The Gauteng health department says not one case of medical negligence occurred concerning over 1,500 neonatal deaths at the Baragwanath Hospital maternity ward in the last three years; however, over 900 of these deaths were due to ‘avoidable incidents.’ Medical negligence is an act by a medical practitioner that differs from accepted medical practices, while ‘avoidable incidents’ occur due to other issues, including insufficient infection control, restrained neonatal ICU beds and hypothermia. [News24]

Joburg Mayor chaos: Johannesburg is still without a Mayor after council speaker Colleen Makhubele adjourned a council meeting, saying that political parties were not ready to field a new candidate. ActionSA national chairperson, Michael Beaumont, said that power struggles between the ANC and EFF were to blame for the failed council meeting. Beaumont added that the DA was also causing instability by selecting Mpho Phalatse as its Mayoral candidate, despite their multi-party coalition agreeing on ActionSA’s Funzi Ngobeni. [EWN]

Markets: South Africa’s rand slipped on Tuesday, with market attention this week likely to hinge on a local purchasing managers’ index (PMI) survey and a US Federal Reserve interest rate meeting. South African manufacturing activity contracted again in April but less than in February and March, helped by companies building up inventories. On Wednesday(3 May), the rand was trading at R18.44/$, R20.33/€, and R23.04/£. Brent crude is trading at $75.21 a barrel. [Nasdaq]

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