While you were asleep: From thousands of Killings in Ukraine to the return of load shedding

We begin this morning with the latest from the war in Ukraine.

Ukrainian officials have accused Russia of killing thousands of people in the south-eastern city of Mariupol. Ukrainian President Volodymyr Zelensky spoke of the destruction in a video address to South Korean lawmakers, where he said, “Mariupol has been destroyed, there are tens of thousands of dead, but even despite this, the Russians are not stopping their offensive.”

Included in the accusations against the Russians were illegal arrests, torturing, executions, and other atrocities.

If the killings are confirmed it would be “by far the largest number of dead so far reported in one place in Ukraine, where cities, towns and villages have come under relentless bombardment and bodies, including civilians, have been seen in the streets,” reports Bloomberg.

On the local front, load shedding made an abrupt appearance again last night with Eskom warning South Africans that there is a possibility of further load shedding this week. Electricity was restored this morning, but the energy supply is expected to remain constrained.

The last-minute power cuts were implemented yesterday after Unit 5 of the Medupi power station tripped, taking along with it some 700 MW in electricity capacity.

Meanwhile, four units at the Matla, Kriel, and Camden power stations also broke down on Monday while units at Tutuka and Matla power stations were delayed from returning to service.

Best keep those devices charged and any battery-operated equipment near because it looks like we might be in for a powerless week. Here’s hoping we don’t spend Easter weekend in the dark.

Looking at the latest in the Jacob Zuma corruption trial, the former president failed to show up for the resumption of his case at the Pietermaritzburg High Court yesterday citing medical issues for not being there.

Judge Piet Koen postponed the corruption case on Monday, to give the Zuma legal team time to seek a reconsideration of the Appeal Court’s dismissal of his efforts to remove advocate Billy Downer as the lead prosecutor in the case.

The National Prosecuting Authority (NPA) had argued that Zuma’s reconsideration application was part of his Stalingrad strategy to avoid facing trial but Koen said there wasn’t enough evidence to support that finding.

Zuma’s lawyers will ask SCA President Mandisa Maya to decide on Zuma’s reconsideration application. Judge Koen postponed the trial to May 17 but this is just a holding date “and if by then Maya has made a decision on Zuma’s special plea then the trial will proceed on 31 May,” reports EWN.

In the currency markets, the rand closed the day strongly at $14.58/$, despite a firm dollar and has opened a touch firmer this morning at R14.56/$. “EM currencies, in general, are holding their ground, with the Rand being the star performer. The local currency is likely to run into some resistance towards the R14.50 level as importer demand picks up,” says forex trading house TreasuryONE.

On the commodity front, this morning gold is up at $1,957, platinum at $984, and palladium is also stronger at $2,456. Demand concerns in China saw copper close softer yesterday at $10,181.

“Oil fell over 4.0% yesterday, with Brent closing at $98.48, but news that Chinese authorities have begun easing the Covid lockdown in Shanghai has boosted the price this morning. Currently, Brent is trading at $100.70 and WTI at $96.25,” comments TreasuryONE.