While you were asleep: How to increase your pain

Take every four to six hours for two hours at a time to increase your pain – Dr Eskom’s prescription for South Africans already crippled by the global pandemic. But there is a vaccine on the way, albeit months away. In a surprise announcement, President Cyril Ramaphosa said yesterday private companies will now be allowed to generate their own electricity of up to 100MW and inject it into the national grid – a hundredfold increase from the current 1MW threshold.

And while there are Ts&Cs on the power play and we bemoan our winter of discontent, there are light spots. Business and labour have thrown their weight behind Ramaphosa’s plan to help move SA out of its energy crisis.

In the markets the rand reacted positively to the announcement, clawing back yesterday’s earlier losses to trade firmer at R13.57/$ this morning. On the commodity front, gold firmed after the US CPI data, while platinum and palladium closed relatively flat. This morning, the softer dollar sees gold up at $1,900, platinum at $1,155, and palladium at $2,777. Oil is steady this morning at $70.05 for WTI and $72.27 for Brent, reports TreasuryONE.

Here’s a roundup of the world’s top and most interesting news headlines.

SA Business

Former Glencore CEO denies allegations of using Ramaphosa to extort coal profits from Eskom – Daily Maverick

Internet giant Prosus promises sterling results, while shareholders promise a revolt – Daily Maverick

Flight Center advises against booking flights on SAA and Mango – Moneyweb

US Business

G7 countries move closer to tax plan for US tech giants – AFP

Mark Zuckerberg says working remotely makes him ‘happier and more productive’ – Business Insider

US music publishers sue Roblox for $200m over copyright – AFP


Research: How a higher minimum wage leads to lower compensation – Harvard Business

Favouritism in flight: The uneven playing field of South Africa’s aviation industry – Daily Maverick

Boris Johnson writes for News24 | A billion vaccines and eduction: My agenda for a global recovery – News24

Please note: this newsletter is slightly late this morning because of load shedding. And MTN network problems caused by load shedding.

*Download the news aggregator app SAccess, available on Google Play and the App Store, to stay on top of financial and markets news from around the world.

Close Bitnami banner