Good morning.
Today we’re covering the Treasury’s plan to transfer a significant portion of Eskom’s enormous debt burden, a new coalition government seeks to unseat the ANC in Nelson Mandela Bay, and Apple delivers better than expected earnings results.
Treasury’s plan for Eskom debt opens way to raise cheaper financing – Business Day (for subscribers)
A large portion of Eskom’s R400 billion debt is to be transferred from the power utility to National Treasury’s balance sheet to help facilitate a sustainable solution to its debt burden.
Bloomberg reported that Eskom bonds rallied on the back of the news and the plan is likely to make it easier for the state-owned enterprise to secure cheaper financing to fund expenditure on maintenance and investment in generation capacity, says Business Day.
In president Cyril Ramaphosa’s Monday night address, where he announced the energy action plan to end load shedding, he mentioned that the details of a “sustainable solution” would be unveiled by the finance minister when he delivers his medium-term budget policy statement later this year.
New coalition agreement signed in Nelson Mandela Bay in bid to unseat ANC-led government – Daily Maverick
Seven political parties have banded together in a new coalition agreement in hopes of unseating the ANC-led coalition currently in government in Nelson Mandela Bay.
The largest coalition party is the DA while the other parties are the African Christian Democratic Party (ACDP), the Freedom Front Plus, the Abantu Integrity Movement (AIM), the African Independent Congress (AIC), the PAC and the United Democratic Movement (UDM).
The new coalition will need 61 signatures from the city council to call for a special council meeting where a motion of no confidence will be tabled against ANC mayor Eugene Johnson.
Apple results top estimates as iPhone escapes economic slump – SABC News
The latest corporate company to report earnings this week was Apple, and it beat Wall Street expectations by dealing with parts shortages better than expected and benefiting from an unrelenting demand for iPhones even as inflation begins to bite and consumers tighten their spending.
Apple said sales and profit for the quarter ended June 25 were $83.0 billion and $1.20 per share, above estimates of $82.8 billion and $1.16 per share, according to Refinitiv data.
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Here’s what else we’re reading today:
Good summer rains will herald some food price relief for SA – The Citizen
Dali Mpofu fires both barrels at third whistle-blower in Mkhwebane hearing cross-examination farce – Daily Maverick
ANC averts full-blown strike by staff as policy conference starts – City Press
Mkhwebane will testify that phone call had nothing to do with decision to meet Magashule – News24
South Africa’s white population continues to shrink – BusinessTech
‘Doesn’t sound like a recession’: Biden optimistic despite economy contracting – SABC News
MultiChoice CEO Calvo Mawela’s R43-million payday – MyBroadband
Alibaba Slumps 5% as Traders Assess Earnings Risk, Ant Report – Bloomberg
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