Here’s what is happening in and affecting South Africa today:
- No grid collapse: Eskom has denied that it has put more strain on its generating system in the past few weeks to avoid higher levels of load-shedding. This was in response to analysis by Nedbank chief economist Nicky Weimar and independent political and economic analyst JP Landman, who said they believed the threat of a grid collapse in South Africa was elevated. Weimar said Eskom’s electricity demand and availability figures suggested the grid was teetering on the edge of a blackout in February 2023. [MyBroadband]
- Transnet looks for partners: Transnet is looking for partners to establish a company that will lease rolling stocks, including wagons and locomotives to the market, which is part of the company’s drive to increase third-party access. Transnet said that the leasing company’s goal is to lower barriers to entry for new train operating companies by using available slots on its line. Transnet is currently requesting proposals with a deadline of 30 June 2023. [News24]
- Investec expands: The Investec Group will combine its UK-based wealth and investment business with the Rathbones Group in a R19 billion deal (£839 million). The Enlarged Rathbones Group will have approximately £100 billion (Roughly R2 trillion) in funds. The Investec Group will own 41.25% of the economic interest in the Enlarged Rathbones Group’s share capital on completion of the deal. [CapeTalk]
- EFF is Uganda: The EFF says Uganda’s new anti-LGBTQI+ bill is an example of modern-day oppression as it infringes on the rights of queer people. The recently passed bill will see same-sex conduct as a criminal offence. EFF leader Julius Malema said that the Ugandan president, Yoweri Museveni, will use the bill against his political opposition. Malema said that other African countries should stand in solidarity over human rights. [EWN]
- Markets: South Africa’s stocks jumped on Tuesday while the rand slipped after a decision by major oil producers to reduce supply on Sunday, which triggered concerns about a slowdown in global economic growth. IG analyst Warren Venketas said that the production cut by OPEC+ has led to further fears of inflation and recession in the market, with the rand and other risk-sensitive countries exposed. On Wednesday (5 April), the rand was trading at R17.92/$, R19.63/€, and R22.37/£. Brent crude is trading at $85.35 a barrel. [Nasdaq]
