Stage 6 load-shedding to be implemented until further notice
Eskom ramped up its load-shedding schedule on Tuesday evening, pushing the country into Stage 6 power cuts. The power utility says Stage 6 nightly load shedding will then be implemented from 16:00 – 05:00 until further notice. The latest change to the load-shedding schedule comes after seven units tripped on Tuesday. Three have come back online but the return to service of another three has been delayed. Read more on News24.
No new coronavirus restrictions following the discovery of Omicron sub-variant
Health minister Joe Phaala says the government will increase testing and surveillance in response to the discovery of the highly transmissible Omicron sub-variant XBB1.5, but it will not implement any restrictions. Phaala said the National Coronavirus Command Council decided against implementing travel restrictions because the sub-variant is not causing significantly worse illness while the government will ramp up its vaccination programme. Read more on Business Day. (for subscribers)
Markus Jooste fined R15 million by the JSE and banned for 20 years
The JSE eventually decided to act against former Steinhoff CEO Markus Jooste after issuing two R7.5 million fines against him and barring him for 20 years from any directorships at publicly traded companies. Jooste deliberately meddled in Steinhoff’s financials to mislead the market, which ultimately caused the massive market cap loss at the company in late 2017. Jooste will appeal the fines. Read more on Daily Maverick.
Department of public enterprises and other SOEs face staff shortages
Public enterprises minister Pravin Gordhan said the department he heads has multiple vacancies that it will fill in the next six months, but he is not the only that is struggling to fill open jobs. While struggling to keep the lights on, Eskom has some 1,700 vacancies to fill while Transnet also has over 5,600 vacancies and South African Airways has 38 vacancies that need filling as the airline expands its route network. Read more on EWN.
What’s happening in the markets?
The JSE closed 0.44% weaker on Tuesday after officials from the Federal Reserve in the US reiterated hawkish comments over interest rate hikes to curb inflation, which put the brakes on a rally that sent the local bourse to a record high during the previous session. European markets closed lower on Tuesday while US markets were higher overnight. In Asia, the Hong Kong Hang Seng, Shanghai Composite, and Nikkei are currently trading higher. At 06.10 am, the rand was trading at R17.02 against the dollar.
