Stage 6 load-shedding implemented indefinitely after further breakdowns
Eskom says it has suffered 11 breakdowns across its power stations, which has necessitated the need for all-day Stage 6 load-shedding until further notice. The eleven generators account for 5,084 MW of capacity while planned maintenance accounts for 5,739 MW and total breakdowns amount to 18,041 MW. Read more on BusinessTech.
What does the next year hold in store for Markus Jooste?
Already this year, the JSE has fined disgraced former Steinhoff CEO Markus Jooste a total of R15 million and barred him from directorships at publicly traded companies for 20 years, but Jooste will have to face the music on multiple fronts in 2023. Jooste is expected to go on trial in Germany while he will also have to defend himself against the SA Reserve Bank’s seizure of his assets. He doesn’t face any criminal charges in South Africa, however. Read more on News24. (for subscribers)
Telkom shares surge after it calls off merger talks with Rain
Shares in state-affiliated telecom giant Telkom rocketed over 9% on Wednesday after it confirmed it had abandoned merger talks with data-only network provider Rain. After being the subject of three separate takeover bids in the past year, Telkom is out in the cold. The share price surge does indicate that investors are happy about the non-merger of the two, believing a marriage between Rain and Telkom would not be the best outcome. Read more on Business Day. (for subscribers)
Class action lawsuit planned for victims of Boksburg explosion
At least 25 people who were affected by the Christmas Eve Boksburg gas tanker explosion have joined together to instruct a law firm specialising in class-action lawsuits to take on their case. The law firm in question is RH Lawyers, known as RHL, who say the case is in the beginning stages with many of their clients seriously injured or still in ICU at a hospital. Read more on Times LIVE. (for subscribers)
What’s happening in the markets?
The JSE firmed on Wednesday along with global peers with investors focusing on today’s US inflation report, which is widely expected to return positive numbers. The All Share closed 0.67% higher. In Europe, London’s FTSE 100 (0.40%), Germany’s DAX (1.17%), and France’s CAC 40 (0.80%) all firmed. Overnight, the US markets followed the trend. Asian markets are mixed this morning. At 06.11 am, the rand is trading at R16.9287.
