Good morning. Here are the important stories you need to know today:
Stage 2 load shedding to continue on Wednesday and Thursday
In a statement released on Wednesday, Eskom announced that stage 2 load shedding will continue on Thursday from 4 pm to midnight, but would be reduced to stage 1 on Friday.
Eskom said that it would like to schedule outages until the evening if possible. Eskom said on Wednesday that they will provide another report by Friday afternoon, or as soon as any major developments occurred. (EWN)
Transnet strike: Coal price surges in Europe as SA exports drop to lowest level since 2021
Since May, the price of importing coal to Europe’s main ports has increased mostly due to strike action in South Africa that has halted the supply of fuel amid an energy crisis. Alex Claude, chief executive officer of DBX Commodities in London, said that the strike by Transnet workers is “lasting longer than anticipated and has started to take a serious toll on exports,”. Last week, South Africa exported 600,000 tonnes of coal, the lowest amount in more than a year, he added. (News24)
Economic activity shrinks for fourth month as power crisis bites deeper
According to a survey released on Wednesday, the economic activity has dropped for the fourth consecutive month, showing the catastrophic circumstances in the South African economy as continuous blackouts impact all sectors of the economy, enterprises, and families. In September, the BankservAfrica economic transactions index (Beti) fell by 0.4%, compared to the 2% drop seen in August, BusinessLIVE reports. (BusinessLIVE, for subscribers)
SA Business
Mantashe emphasises need to access affordable, reliable energy to boost economy – EWN
Politicians behaving badly, part 132: Why pay for free electricity and water while millions get hungrier, colder and darker? – Daily Maverick
Pick n Pay’s Ackerman wants govt to move N3 toll plaza, let private sector run rail, ports – News24 (for subscribers)
Global Business
France to deliver anti-aircraft missiles to Ukraine in coming weeks – President Macron – Daily Maverick
Trump employee tells FBI that Trump directed boxes to be moved at Mar-a-Lago after subpoena served – CNN
Putin offered to redirect natural-gas supplies to Europe via Turkey and make the country a gas hub. Turkey said this is the first time it’s heard of the plan – Business Insider
Markets
Asian Equities Slip Ahead of Key US CPI Data – Bloomberg
Billionaire investor David Einhorn says Twitter is his biggest long position of 2022, and he sees Musk completing his purchase of the company by the end of the year – Business Insider
