5 important things happening in South Africa today

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

  • Analysts have describe the Development Bank’s funding of SAA – one state company funding another – as effectively moving money from one hand the to the next, with SAA’s business rescue now just looking like another bailout. The move to give SAA a R3.5 billion lifeline came as a surprise, but is likely as a result of National Treasury being unable to find the promised funds (R2 billion), and thus enlisting the DBSA to step in. [CNBC Africa]
  • Eskom says that the risk of load shedding remains low, despite it still being unable to bring unplanned outages to below 9,500MW. On Wednesday, outages were just over 12,300MW, with the group saying that lower demand, the use of emergency reserves, and additional generation from Kusile and Medupi being the reason why the lights are on despite the high level of outages. Open cycle gas turbines are currently being used to meet demand. [Eskom]
  • South Africa’s rand clawed back losses on Tuesday, firming slightly alongside local bonds as a selloff triggered by the spread of the coronavirus was halted by technical factors curbing big movements in either direction. The rand’s run beyond the 14.60 technical level did not last as buyers returned, although some traders warned the recovery could be temporary as investors continue to assess opportunities and the impact of the coronavirus. On Wednesday the rand was at R14.55 to the dollar, R18.94 to the pound and R16.02 to the euro.

Must Read

Partner Content

Show comments

Trending Now

Follow Us

5 important things happening in South Africa today