5 important things happening in South Africa today

 ·10 Nov 2023

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

  • A bailout is Transnet’s answer: Transnet chairperson Andile Sangqu says that the state-owned company’s debt burden is too much for it to bear. The interest costs are R13 billion, which is one of the main contributing factors to Transnet’s loss-making situation, he said. Sangqu appealed to the government to take on some of its unsustainable debt burden and fund its turnaround plan. [News24]

  • Ramokgopa to get more power: South Africa’s president will allocate more powers to electricity minister Ramokgopa to accelerate efforts to end the nation’s power crisis. The proposal has the backing of the African National Congress, which is seeking faster implementation of an energy action plan before next year’s general election. [BusinessTech]

  •  JSE carbon trading debut: The initiative, run by JSE Ventures (a separate legal entity of the JSE) together with US-based Xpansiv, which runs one of the largest spot exchanges for environmental commodities globally, will allow local participants to buy or sell carbon credits and renewable energy certificates that are held in either local or global registries. The credits can be used by businesses and organisations to offset their carbon footprint. [Business Day]

  • A call to probe top ministers: ActionSA is set to write to President Cyril Ramaphosa, requesting that he task the Special Investigating Unit (SIU) to probe the allegations that three of his cabinet ministers have been implicated in the R5 billion tender bribe in the Unemployment Insurance Fund (UIF). This comes after businessman Mthunzi Mdwaba dropped bombshell allegations against the three high-ranking ministers. [IOL]

  • Markets: The South African rand edged higher in early trade on Thursday, ahead of a speech by the Federal Reserve Chair that could provide insight into the possible direction for U.S. interest rates. On Friday (10 November), the rand was trading at R18.65 to the dollar, R22.80 to the pound and R19.90 to the euro. Oil is trading at $80.55 a barrel. [Reuters]
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