Good morning. Here are the top stories you need to know today:
Ramaphosa, ministers still ‘deliberating’ on load shedding crisis
On Wednesday, President Cyril Ramaphosa scheduled an 8:00 cabinet meeting to discuss various issues but top of the list was the energy crisis. After hearing a presentation from public enterprises minister Pravin Gordhan cabinet was still deliberating by late afternoon with a spokesperson saying the country would be briefed once the way forward had been mapped out. (News24)
Reserve Bank expected to hike rates to pre-pandemic levels
It’s D-Day for the South African Reserve Bank with the expectation that following the conclusion of the Monetary Policy Committee meeting, the SARB will hike the interest rate by a further 75 bps to combat inflation. A second straight 75 bps rate hike will return the benchmark rate to January 2020 levels with the Covid-19 stimulus interventions fully reversed. The move will come just a day after South Africa’s inflation slowed for the first time in seven months to 7.6%. (News24)
Fed raises rates by another three-quarters of a percentage point, pledges more hikes to fight inflation
The local interest rate hike will come hot on the heels of the Federal Reserve’s decision to hike the interest rate by 75 bps in the US on Wednesday. The central bank is trying to get a lid on inflation with Fed chairperson Jerome Powell saying the bank would continue to hike the benchmark rate until “the job is done” and inflation is back at 2%. (CNBC)
Here is what else we’re reading today:
The cold, hard facts — there’s no quick fix, and the power crisis is likely to get worse – Daily Maverick
Thabo Mbeki takes swipe at Eskom executives, notes need to ‘raise quality of leadership’ in SA – Daily Maverick
Return of the veterans — inside Eskom’s push to reverse skills and knowledge loss – Daily Maverick
Billy Downer wants Jacob Zuma to pony up R1m as security in private prosecution – Daily Maverick
Wanted urgently: South Africans to work a four-day week on full pay – Business Insider
Impending grey-listing of South Africa’s economy is serious: Godongwana – SABC
Some small businesses frustrated by long delays in SARS paying out Employment Tax Incentive – SABC
Meta sued for skirting Apple privacy rules to snoop on users – Daily Maverick
Private company sells South Africa’s first new military aircraft since Denel Rooivalk – MyBroadband
