{"id":631855,"date":"2022-10-06T08:18:11","date_gmt":"2022-10-06T06:18:11","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=631855"},"modified":"2022-10-06T08:18:11","modified_gmt":"2022-10-06T06:18:11","slug":"5-important-things-happening-in-south-africa-today-1380","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/631855\/5-important-things-happening-in-south-africa-today-1380\/","title":{"rendered":"5 important things happening in South Africa today"},"content":{"rendered":"<p>Here\u2019s what is happening in and affecting South Africa today:<\/p>\n<hr \/>\n<ul>\n<li><strong>Mantashe doubles down on fossil fuels:<\/strong> Mineral Resources and Energy Minister Gwede Mantashe says that the Afrocentric energy transition should not be dedicated to developed countries. He warns that moving away from fossil fuels will result in the loss of around 200,000 jobs and ten ghost towns in Mpumalanga \u201cimmediately\u201d. He made these remarks just before South Africa submitted a revised plan for how it will spend a proposed $8.5 billion to help it transition away from coal yesterday (5 October). [<a href=\"https:\/\/www.dailymaverick.co.za\/article\/2022-10-05-how-do-you-instantly-create-10-ghost-towns-stop-using-coal-gwede-mantashe-warns\/\" target=\"_blank\" rel=\"noopener\">Daily Maverick<\/a>]<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li><strong>Eskom shopping for electricity: <\/strong>Eskom is reportedly shopping around for 1,000MW of surplus electricity that may exist with customers willing to generate surplus energy into the grid. Eskom has been pushed to investigate this option given the high-cost load shedding is having on South Africa\u2019s economy. [<a href=\"https:\/\/ewn.co.za\/0001\/01\/01\/eskom-shopping-for-electricity-1000mw-won-t-solve-stage-4-but-will-help\" target=\"_blank\" rel=\"noopener\">EWN<\/a>]<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li><strong>De Ruyter on load shedding:<\/strong> Eskom CEO Andr\u00e9 de Ruyter says that South Africa\u2019s power cuts should start easing within the next ten days, as significant generation units are expected to return online, providing much need relief to the grid. However, He added that one has to remember that the units are old and unreliable, and the definition of an unplanned breakdown is that it happens without warning. [<a href=\"https:\/\/www.moneyweb.co.za\/moneyweb-podcasts\/special-report\/who-is-spying-on-andre-de-ruyter\/\">Moneyweb<\/a>]<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li><strong>Money flooding out of South Africa: <\/strong>New data from DFM Global shows that there has been an enormous outflow of capital from South Africa\u2019s equity and bond markets. The data revealed a significant increase in sales of local equities and bonds towards the end of last year. The JSE said South Africa\u2019s macro environment has deteriorated over the past five years, which includes global rating agencies lowering the country\u2019s sovereign credit rating. As a result, South Africa has either exited key global indices or become severely diluted. [<a href=\"https:\/\/dailyinvestor.com\/finance\/3665\/money-flooding-out-of-south-africa\/\" target=\"_blank\" rel=\"noopener\">DailyInvestor<\/a>]<\/li>\n<\/ul>\n<hr \/>\n<ul>\n<li><strong>Markets:<\/strong> South Africa\u2019s rand was little changed on Wednesday (5 October) as the dollar steadied. The rand remained relatively unchanged and is currently trading at R17.73\/$, R17.58\/\u20ac and R20.09\/\u00a3. Brent crude is trading at $93.37 a barrel. [<a href=\"https:\/\/www.nasdaq.com\/articles\/south-african-rand-little-changed-against-dollar\" target=\"_blank\" rel=\"noopener\">Nasdaq<\/a>]<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Mineral Resources and Energy Minister Gwede Mantashe says a move away from coal will result in a loss of jobs on mass; Eskom is reportedly shopping around for 1 000MW of surplus electricity; De Ruyter says that South Africa&#8217;s power cuts should start easing within the next ten days; and new data shows that there has been a huge outflow of capital from South Africa\u2019s equity and bond markets.<\/p>\n","protected":false},"author":10,"featured_media":375391,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-631855","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/631855","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=631855"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/631855\/revisions"}],"predecessor-version":[{"id":631881,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/631855\/revisions\/631881"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/375391"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=631855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=631855"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=631855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}