Good morning. Here are the important stories you need to know today:
Gordhan puts De Ruyter’s fate in hands of new board
Eskom CEO André de Ruyter’s fate will rest with the new board once it has been put in place. Minister for public enterprises Pravin Gordhan told parliament that the new board would conduct a thorough review of De Ruyter and other top executives’ performance before deciding whether to axe them. Gordhan announced earlier in the week that a new Eskom board would be constituted with a particular focus on bringing in those with engineering expertise. (News24, for subscribers)
Load shedding to stay at stage 4 as Eskom struggles to get diesel – and shuts more units down
While Eskom may soon have a new board, it’s the same old story when it comes to load shedding. Power cuts are set to persist and will remain on stage 4 as the power utility struggles to preserve diesel for its open cycle gas turbines. Eskom is waiting for a diesel shipment but the vessel carrying it cannot dock at Mossel Bay due to rough seas. There are also technical issues at some of its power stations, which have also contributed to the prolonging of stage 4 blackouts. (BusinessTech)
Lesetja Kganyago forceful on inflation fight
South African Reserve Bank governor Lesetja Kganyago outlined the bank’s determination to get a grip on inflation and bring it down to just 3% with the short-term goal of getting inflation back to between the 3% and 6% target range. Kganyago said his determination to bring down inflation was driven by the need to reverse a mistake made 20 years ago when the central bank “gave up on lowering the inflation target.” He said a 3% inflation target would lower interest rates and make inflation less of a concern in our everyday lives. (Business Day, for subscribers)
Here’s what else we’re reading today:
UK economic meltdown: Bank of England forced to step in, IMF issues warning – EWN
Vodacom plans pilot with Eskom to source green power from IPPs – EWN
Charges against Zwane are a significant step in battling state capture – OUTA – BizNews
The number of unions affiliated to Cosatu declines: Report – SABC
World Bank’s Malpass sees risk of stagflation, likely recession in Europe – SABC
Govt introduces ‘new system’ to improve UIF transparency after TERS crisis – News24
Load shedding, xenophobia worry Chinese companies in SA – News24
Airlink buys stake in FlyNamibia for flight efficiency, connecting small towns and global markets – News24
