5 important things happening in South Africa today

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

  • Eskom sabotage: Eskom officials suspect sabotage at the Malta Power Station in Mpumalanga, where a cable was discovered cut. Fortunately, the 575-megawatt unit did not trip as a backup cable was in place. This marks the fourth incident of suspected sabotage in the past week. Deliberate damage and higher demand due to cold weather have led to Eskom’s inability to halt load shedding with the power utility implementing stage 2 all week. [News24]

  • KZN floods: The South African Weather Service issued its highest warning as torrential rains affected parts of KwaZulu-Natal over the weekend. The new period of rain threatened to worsen damage to infrastructure across the province, which is still reeling from an earlier period of severe flooding in April. The KZN government said it is still trying to assess the extent of damage caused by floodwaters this weekend. There are fears that numerous people have been harmed while property damage was extensive.  [BusinessLive] [EWN]

  • State-owned enterprises: As reported by the Sunday Times, the South African government wants to house its major state-owned enterprises (SOEs) under a single holding company. The minister of public enterprises, Pravin Gordhan told parliament that a centralised shareholder model for the country’s commercial state-owned companies could separate the state’s ownership functions from its policymaking and regulatory functions. The change aims to minimise political interference in SOEs. [MyBroadBand] [TimesLive]

  • ANC in-fighting: Former president Thabo Mbeki tore into the ANC leadership over the weekend. Speaking at an ANC Youth League gathering, the former head of state said that the conference did not discuss policy or organisational reports but rather credentials. When speaking about the leaders in positions of the ruling party, Mbeki said that the organisation has been on a downward trajectory. [TimesLive]

  • Markets:  International gold prices have reached a more than one-week high as an easing dollar supported the price despite US Treasury yields capping gains. According to economists, with the dollar being on the back foot and weaker than usual, it makes bullion more attractive for overseas buyers. The rand is currently trading at R15.80/$, R16.73/€ and R19.82/£. [Nasdaq]

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5 important things happening in South Africa today