{"id":852412,"date":"2026-02-27T08:18:00","date_gmt":"2026-02-27T06:18:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=852412"},"modified":"2026-04-02T09:30:09","modified_gmt":"2026-04-02T07:30:09","slug":"bad-news-for-electricity-users-in-south-africas-richest-city-and-spur-sells-stake-in-popular-restaurant","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/5-things\/852412\/bad-news-for-electricity-users-in-south-africas-richest-city-and-spur-sells-stake-in-popular-restaurant\/","title":{"rendered":"Bad news for electricity users in South Africa&#8217;s richest city, and Spur sells stake in popular restaurant"},"content":{"rendered":"\n<p>The rand was steady on Thursday as investors processed the annual budget, which analysts noted highlighted the government&#8217;s commitment to restoring fiscal sustainability. <\/p>\n\n\n\n<p>The rand traded at 15.8850 against the dollar, little changed from its previous close of 15.8725. <\/p>\n\n\n\n<p>In its annual budget released on Wednesday, the government proposed introducing a &#8220;principles-led&#8221; fiscal anchor later this year, rather than setting a specific numerical target, as part of its efforts to improve public finances. <\/p>\n\n\n\n<p>The mention of a fiscal anchor &#8220;resonated with operators and investors,&#8221; said a treasury specialist. As a result, the rand appreciated to 15.83; however, towards the close of trading, importers pushed the value lower. <\/p>\n\n\n\n<p>Domestically focused investors reviewed the January producer price inflation data from Statistics South Africa, which revealed that producer price inflation eased to 2.2% year-on-year, down from 2.9% in December. <\/p>\n\n\n\n<p>Analysts had expected a reading of 2.5%. Economists noted in a research report that the decline was mainly driven by the &#8220;coke, petroleum, chemical, rubber, and plastic products&#8221; category. <\/p>\n\n\n\n<p>The drop in fuel costs contributed to this decline, with petrol prices down 5.3% and diesel down 4.8%, aided by softer global oil prices and a stronger rand against the dollar. <\/p>\n\n\n\n<p>Other economic indicators expected this week include money supply, private sector credit, trade balance, and budget balance figures, which will be released on Friday. <\/p>\n\n\n\n<p>On the Johannesburg Stock Exchange, the Top-40 index was last reported to be up by 0.2%.<\/p>\n\n\n\n<p>As of Friday, 27 February, the rand is trading at R15.90 to the dollar, R21.45 to the pound, and R18.78 to the euro.<\/p>\n\n\n\n<p>Gold is currently valued at $5,196.09 per ounce, while oil prices have risen to $71.00 per barrel.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5 important things happening in South Africa today<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/08\/Nikos-4-e1772172658909-1024x576.jpg\" alt=\"\" class=\"wp-image-262763\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/08\/Nikos-4-e1772172658909-1024x576.jpg 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/08\/Nikos-4-e1772172658909-300x169.jpg 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/08\/Nikos-4-e1772172658909-768x432.jpg 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2018\/08\/Nikos-4-e1772172658909.jpg 1198w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><strong>Bad news for electricity users in Joburg:&nbsp;<\/strong>City Power has stated that households and businesses are responsible for the service cables connecting their properties to the power utility&#8217;s infrastructure. In an interview with Newzroom Afrika, spokesperson Isaac Mangena highlighted that if these cables are damaged or stolen, consumers must pay for their replacement. He noted that City Power incurs losses from these replacements, which, according to Johannesburg bylaws, should not be its responsibility. Mangena affirmed, \u201cThe consumer will be responsible for the installation and reinstatement if that cable is stolen.\u201d [<a href=\"https:\/\/mybroadband.co.za\/news\/government\/630743-alarm-bells-over-proposed-new-tax-for-south-africa.html\">MyBroadband<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Spur sells its share in prominent Greek restaurant:<\/strong>\u00a0Spur will be selling its stake of just over 62% in the restaurant chain Nikos back to the Triandafillou family. Spur will now focus its speciality restaurant category on food areas where it has strong expertise. [<a href=\"https:\/\/www.news24.com\/business\/companies\/spurs-greek-odyssey-ends-as-it-returns-nikos-home-20260226-1108\">News24<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Spar loses R4 billion in market value<\/strong>: The Spar Group, the second-largest grocery retailer in the country by turnover, has faced a challenging week, with its market value dropping by nearly 25% since last Friday. Shares are now trading at their lowest level in 16 years. [<a href=\"https:\/\/www.moneyweb.co.za\/news\/companies-and-deals\/investors-dump-spar-as-r4bn-in-value-lost-in-a-week\/\">Moneyweb<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>Beef and pork price surge:<\/strong>\u00a0South Africans are going to face higher prices for beef and pork due to disruptions to the meat value chain caused by foot-and-mouth disease (FMD). [<a href=\"https:\/\/www.businessday.co.za\/news\/2026-02-27-fmd-crisis-drives-up-beef-and-pork-prices\/\">BusinessDay<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><strong>35,000 SASSA grants terminated:\u00a0<\/strong>The government is enhancing its fight against fraud at the South African Social Security Agency (SASSA) by upgrading its biometric and income verification systems. Nearly 35,000 grants identified as incorrect or fraudulent have been terminated. [<a href=\"https:\/\/www.enca.com\/news\/over-30-000-sassa-grants-terminated-govt-cracks-down-fraud\">ENCA<\/a>]<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n","protected":false},"excerpt":{"rendered":"<p>Here are five important things happening in and affecting South Africa on Friday, 27 February 2026.<\/p>\n","protected":false},"author":127,"featured_media":800455,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20398],"tags":[16632,7376,10435],"class_list":["post-852412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-5-things","tag-5-things","tag-city-power","tag-spur"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/852412","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\/127"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=852412"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/852412\/revisions"}],"predecessor-version":[{"id":855776,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/852412\/revisions\/855776"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/800455"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=852412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=852412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=852412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}