Good morning. Here’s what you need to know today:
- De Ruyter says Eskom struggles to retain executives.
- Mantashe calls for De Ruyter to be replaced.
- China’s economy faces immense challenges despite growth.
- The US Fed will likely have to keep interest rates high into 2024.
Police and courts not helping in Eskom’s crime fight, says CEO André de Ruyter – Business Day
De Ruyter tells Business Day that retaining high-level employees at the power utility has become increasingly difficult due to the safety risks involved with doing their jobs. The CEO says it is difficult to imagine that executives at any other company in SA would have to struggle like those at Eskom do. The problems are compounded by acts of sabotage and criminal organisations that operate within Eskom’s power plants. Read more here. (for subscribers)
‘Policeman’ De Ruyter won’t fix Eskom’s problems – Mantashe – News24
While De Ruyter struggles to rid Eskom of its criminal elements, energy minister Gwede Mantashe says the CEO should be replaced with someone with the technical capabilities to run the power utility. Mantashe said De Ruyter acts like a “policeman” who is too focused on pursuing criminals rather than running Eskom. Read more here. (for subscribers)
China’s Economy Faces Challenges Despite Latest Moves to Stimulate Growth – The Wall Street Journal
President Xi Jinping is easing off some of the covid restrictions and taking steps to boost the property sector. Still, economists are questioning whether that is enough to restore the growth figures that China had before the pandemic. The Chinese president has also faced mounting pressure over the last 24 hours with protests breaking out across the country over the government’s covid-zero policy. Read more here. (for subscribers)
Fed will likely need to keep interest rates above 5% into 2024 to succeed in taming inflation, Bullard says – Market Watch
The Fed might increase interest rates more than financial markets predict, according to St Louis Fed president and CEO James Bullard, writes Market Watch. Bullard says the Fed has a lot of work to do before inflation is back at acceptable levels. However, minutes from the most recent Fed meeting did indicate that the US central bank was willing to soften its aggressive rate-hiking stance. Read more here. (usually for subscribers)
Here’s what else you need to know today:
Diesel set for steep cut next week, but petrol may climb despite oil price plunge – News24
The rand is having a great week – but all eyes are on China for the next move – BusinessTech
South African economy is close to collapse, says economist – BizNews
Mpofu moves for removal of evidence leaders in Mkhwebane inquiry – Mail & Guardian
South Africa must install R137 billion of gas power or face another ten years of power cuts – MyBroadband/Bloomberg
Asian Stocks Rise on China Rebound; Dollar Falls: Markets Wrap – Bloomberg
Wall Street rips up dollar playbook as 2022’s top bet crumbles – DM/Bloomberg
Google Play Fee Suit by Consumers Grows to 21 Million Users – Bloomberg