Good morning. Here’s what you need to know today:
- Everything Cyril Ramaphosa announced to combat State Capture.
- It’s impossible for the new Eskom board to reach a 75% energy availability factor.
- After Boris Johnson drops out of leadership contest, Rishi Sunak is a step closer to becoming UK prime minister.
State capture: Ramaphosa announces appointment of independent anti-corruption agency
On Sunday evening, President Cyril Ramaphosa announced the steps he would be taking to address State Capture. Ramaphosa began by saying he would make the Investigating Directorate a permanent anti-corruption unit in the National Prosecuting Authority. Board members at state-owned enterprises are banned from awarding tenders. The president praised former public protector Thuli Madonsela for uncovering State Capture and warned the corrupt that they have “nowhere to hide.” Read the Times LIVE article for a full summary of the measures announced. (Times LIVE)
New Eskom board’s 75% energy availability factor mandate is impossible: DBSA chair
Professor Mark Swilling, chairperson of the Development Bank of Southern Africa says it is near impossible for Eskom to achieve a 75% energy availability factor given that half of SA’s 90 electricity generation units have broken down and will need to be taken offline to fix them. Swilling said fixing the generation units is akin to performing maintenance on an aircraft, “If you want to fix an aeroplane, you can’t do it while flying. You can only fix an aeroplane by landing it, putting it into a hangar and opening it up. That takes a long time.” Read more here. (News24)
Sunak edges closer to UK leadership prize as Johnson caves
In what would have been a stunning political comeback, former British prime minister Boris Johnson said he would not enter the contest for leadership of the Conservative Party, which had he won would have seen him return as prime minister. Johnson’s withdrawal leaves former Chancellor of the Exchequer Rishi Sunak in pole position to claim the top job. The race to become the next prime minister is between Sunak and Penny Mordaunt, both of home contested the last leadership race. Read more here. (Daily Maverick/Bloomberg)
Here’s what else we’re reading today:
SA Business
- How much it costs to own a pizza shop like Debonairs, Andiccio, Roman’s, or Col’Cacchio – Business Insider
- SA’s energy sector still the G20’s worst carbon emitter – report – News24
- The Big Mac Index says one thing about SA. The new fluoride toothpaste index says different. – Business Insider
Global Business
- China economy grows faster than expected, but falls short of targets as risks loom – The Guardian
- Pound’s plunge ‘biggest shock’ of past year, says Avon boss – Evening Standard
- Airbus eyes Saudi deal for almost 40 A350 jets – sources – Reuters
Markets
