Good morning. Here are the important stories you need to know today:
$8.5bn from rich countries: SA to spend most of the money on electricity infrastructure
The majority of a $8.5 billion (R152 billion) climate-finance agreement granted by wealthier nations will be used by the South African government to improve its energy supplies, News24 reports. The article further states that an investment plan issued on Friday anticipates that 90 percent of the funds will be utilised to decommission coal-fired power plants simultaneously with the development of renewable energy generation, the improvement of the transmission infrastructure, and the modernization of electricity distribution. The remainder will be invested in the green hydrogen and electric car industries. (News24)
Power crisis likely to worsen over next five years, Eskom report shows
Eskom’s most recent statutory review of the power system revealed that it will be unable to meet the country’s electrical needs for the next five years, leading to rolling power cuts once more until further notice, Business Day reports. “SA has been faced with chronic power supply constraints for more than 10 years and 2022 has been the worst yet, with a record number of days, and consecutive days, of planned power cuts.” (Business Day, for subscribers)
Near-term outlook for the mining sector ‘appears dire’
This week’s attention will be on the manufacturing and mining production figures for September, both of which are released on Thursday. According to Business Day, these industries’ productivity has continued to be restricted by severe electricity shortages and a deficiency in mine-to-market infrastructure. Due to industrial action taken by Transnet employees, production was severely hampered. (Business Day, for subscribers)
Here’s what else we’re reading today:
SA Business
SARS wins first round in legal fight with Christo Wiese over R216 million tax debt – News24 (for subscribers)
Private sector keen to fill the JET gap? – Business Day (for subscribers)
Ramaphosa hung me out to dry over SA Embassy issue, claims Lindiwe Sisulu – Daily Maverick
Global Business
Crypto-proximal – Elon Musk falling to planet Earth with a sickening thud – Daily Maverick
Energy crisis chips away at Europe’s industrial might – News24
World leaders gather for climate talks under cloud of crises – APF
Markets
Asian stocks mostly rise as markets watch China, inflation – ABC News
JSE set for good start as Tencent rallies amid bullish Asian markets – Business Day
Stocks Poised to Fall on Monday – Yahoo Finance
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