The race is on to help clear the air and cure Eskom from its coal addiction. There are the lies, but admitting we have a problem is the first step on the road to recovery for the power utility that generates almost all our country’s electricity from its fleet of 15 coal plants. And offering a debt-for-climate solution to help reduce Eskom’s debt burden is a step in the right direction. Climate change is, after all, everyone’s responsibility.
Bloomberg reports the IMF plans to raise the idea at the COP26 climate conference in Glasgow at the end of next month. But even ahead of COP26, a delegation of four of the world’s richest countries are already sending a delegation to South Africa to seek a deal to begin closing the country’s coal-fired plants. COP26 president Alok Sharma has said, according to Bloomberg, that he wants to use the summit to “consign coal to history”, but he has met resistance from a number of middle-income countries that rely on coal.
For Eskom, and by extension SA’s taxpayers, the price tag for the transition could double the utility’s already astronomical debt burden. But with enough tough love and ongoing debt management, there is light at the end of the dark tunnel.
Meanwhile, Fin24 reports the government wants to launch a new, wholly-owned investment company, much like Singapore’s Temasek to manage Eskom, Transnet and other state-owned enterprises. The proposed company will report directly to the Presidency.
Here’s a roundup of the world’s top and most interesting headlines:
SA Business
South Africa’s shopping mall malaise worsens – and the road to recovery will be long – Daily Maverick
Americans are about to start eating a lot of South African salt, as Oryx hits Whole Foods – Business Insider
Ramaphosa on lifting South Africa’s national state of disaster – BusinessTech
Global Business
Salvadorans march against bitcoin and ‘dictatorship’ – AFP
SpaceX has launched a billionaire-funded crew of space tourists toward orbit — the first civilian mission of its kind – Business Insider
Crypto kid gets 7 years in jail for R1.3 billion scam – MyBroadband
Markets
Asian traders struggle to emulate Wall St after sell-off – AFP
Cathie Wood keeps selling Tesla, unloading $62 million of shares – Bloomberg
JSE gets energy boost while retail sales and JPMorgan bruise rand – SAccess
Opinion/In-depth
‘AngloGold shareholders are some of the most patient on the JSE’ – Peter Major as commodity cycle turns – Biznews
South Africa’s labour market trends from 2009 to 2019: a lost decade? – The Conversation
Death by affidavit: John Hlophe throws a 569-page whopper at court to stop impeachment – Daily Maverick
Video
Explained: China crackdown wipes billions off top companies – Reuters
Pepsi to slash plastic use in sustainability push – Reuters
EXPLAINER: How to register to vote this weekend – ENCA
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