5 important things happening in South Africa today

Here’s what’s happening in South Africa today and what’s interesting:

  • Load shedding chaos: The latest high-level load shedding is wreaking havoc in several industries, as insurers have struggled to keep up with complaints, security companies must redouble their efforts to address rising crime during blackouts and Airlines and other transports experience delays and congested routes due to traffic lights being out. During the weekend phase 6 of load shedding was introduced. Phase 5 continues until Thursday. [News24]

  • diesel power: Adding to Eskom’s woes is its growing reliance on diesel for power generation. Not only is Eskom using more diesel to cover its shortage, but the price of diesel has also more than doubled in the past year. Global diesel demand is also likely to continue to push prices higher: Eskom has already burned its budget of 7.7 billion rupees of diesel this year and wants to spend 17 billion rupees in 2023. Taxpayers will pay the I account for it. [Moneyweb]

  • Eskom advice: MPs are fed up with Eskom and his council, with the latter trying to sack the leadership for its inability to resolve the country’s electricity crisis. MPs demanded the ax from Eskom CEO Andre de Ruyter and the entire Eskom board on Tuesday, when the National Assembly heard statements from members on a number of issues, including the energy crisis. Meanwhile, South Africans blame the feet of the ANC and President Cyril Ramaphosa, who promised action but provided nothing. [EWN, BI]

  • Change of pension: The National Treasury has made major concessions to unions and the pension industry over its proposed two-tier pension system, granting workers immediate access to some of their accumulated savings and extending the implementation date by one year. The Treasury now wants the new rules to be implemented from March 1, 2024, however, the pension industry still believes this start date is too early. [BusinessLive]

  • Markets: The South African rand weakened against the US dollar on Tuesday as financial markets prepared for this week’s US Federal Reserve meeting, where an aggressive rise in interest rates is expected. Investec economist Annabel Bishop said in a research note that power outages intensified in the third quarter, reducing average hours worked per worker in manufacturing and impacting other activities such as the number of approved building plans. On Wednesday, the rand was at R17.70 / $, R17.64 / € and R20.12 / £. Brent crude is trading at $ 91 a barrel. [Reuters]