Good morning. Here are the top stories you need to know today:
JSE poised for more turbulence after bourse loses 9% over two weeks
Traders are gearing up for another rough week on the stock exchange floor after the local bourse closed nearly 3% down on Friday and looks set to face another bruising period along with its global peers. Stock markets around the globe have tanked in recent weeks after central banks decided to ramp up their fight against inflation by increasing interest rates. (Business Day, for subscribers)
Stage 3 rolling blackouts implemented on Monday
Eskom says it will implement stage 3 load shedding until 16:00 and thereafter stage 4 will kick in before returning to stage 3 at midnight. The power utility said this process will repeat until Thursday. There will be daily updates this week while Eskom is facing diesel supply difficulties, which is affecting the operations at one of its sites that supply around 2,000 MW. The power utility expects delivery of diesel from Tuesday onwards but if it continues to experience difficulties then we may be in for more severe load shedding. (SABC)
Netflix and Google will see profits sink in coming months — Investor survey
Tech companies are in for more hurt this year with the great sell-off far from over according to an MLIV Pulse survey, which shows investors think profits from technology companies will continue to disappoint. Companies like Google’s parent, Alphabet and streaming giant Netflix will suffer as advertisers cut spending from Google due to global economic struggles while price-sensitive subscribers will abandon the Netflix ship as they tighten their monthly spending. (MyBroadband)
Here’s what else we’re reading today:
Battle of the retail giants: Woolworths vs Shoprite vs Pick n Pay vs Spar vs Massmart – BusinessTech
Cosatu to hold its 14th national elective congress in Johannesburg – SABC
BA flight forced to make an emergency landing after its windshield ‘broke’ mid-air, passenger says – Business Insider
It’s every nation for itself as dollar batters global currencies – News24
South African billionaire Patrice Motsepe’s net worth slumps by $500 million to $2.6 billion – Billionaires Africa
Beware ‘cheap’ solar systems in South Africa – they will cost you – BusinessTech
Eskom could have a new board as early as next week – report – BusinessTech
Goodbye Eskom — Vodacom to pilot buying all its power from independent producers – MyBroadband
