Business

5 important things happening in South Africa today

Luke Fraser

 ·10 Jul 2023

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

• Murder on the rise: Although cardiovascular complications were the leading cause of death claims for Momentum in 2022, the life insurer said that it had seen a rise in unnatural deaths, especially murder amongst men. Car accidents accounted for the most unnatural deaths among its clients. However, the biggest year-on-year jump was seen in murder, rising 72% compared to 2021. [News24]

• Learn from mistakes: Eskom says that it made an error in the process of decommissioning the Komati power station. Komati was shut down in 2022, but there have been delays in implementing new jobs focusing on renewable energy at the facility. Eskom’s head of generation, Bheki Nxumalo, said that it should never have gotten to the point where no megawatts were produced at Komati. Nxumalo added that the utility will now ensure renewables are added while the plants are running, before they are decommissioned. [Business Day]

• Joburg residents unhappy: Johannesburg residents will be hit with a 58-hour water outage starting tomorrow, 11 July 2023. The shutdown will affect areas in Randburg, Roodepoort, the South, Soweto and Honeydew. Rand Water said that the shutdown is crucial for maintenance and repairs on a central water line. However, businesses and residents across the city have said that they are unhappy with the outage and fear that supply won’t be restored on time at 05h00 on Friday, 14 July. [eNCA]

• No plan to remove Deputy: President Cyril Ramaphosa says there is no plan to remove Paul Mashatile from his role as Deputy President. Mashatile told City Press that he was aware of a conspiracy to oust him from his role by next month, but refused to name the plotters. However, Ramaphosa said that there is no proof that such a plan is in the works, and only he or the ANC have the power to remove Mashatile. [Daily Maverick, City Press]

• Markets: The rand saw little change against the dollar on Friday after failing more than 2% on Thursday, with markets looking to less risky markets. The U.S. Federal Reserve’s June meeting minutes showed a hawkish policy stance, encouraging investors to move away from riskier assets. On Monday (10 July), the rand was trading at R18.91/$, R20.72/€, and R24.23/£. Brent crude is trading at $77.94 a barrel. [Nasdaq]