Morning Brief – Tuesday, 29 November 2022

Minister Gwede Mantashe. Image: GCIS

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)

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