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South African President Cyril Ramaphosa has voiced his support for the development of private power generation amid growing anger from large businesses over the country's unreliable electricity supply, Reuters reported Jan. 15.
South Africa's IHS Markit purchasing managers' index plummeted to a 14-month low of 47.6 in November 2019, Bloomberg reported Jan. 6. The drop came as Eskom, the country's state-owned utility monopoly, briefly reintroduced blackouts over the weekend.
State utilities giant Eskom has demanded that mining companies reduce their electricity consumption as part of its biggest-ever forced power cuts, bringing South Africa's lucrative platinum, gold and diamond operations into a screeching halt.
South Africa's public utility monopoly, Eskom, has implemented a new round of partial interruptions to its power supply, known as load shedding, after a breakdown in more than 25 percent of its generating capacity, Fin24 reported Dec. 5.
South African authorities have arrested former African National Congress legislator and State Security Minister Bongani Bongo on bribery accusations involving state-owned power monopoly Eskom, News24 reported Nov. 21.
South Africa is facing dangerously low electricity supply after the failure of several power-generating units over the past weekend, according to utility monopoly Eskom, Fin 24 reported Nov. 6. To maintain supply, the company has implemented high-cost emergency power generation measures.
The South African Finance Ministry will have fewer funds to spend on health, education and infrastructure initiatives due to slow economic growth, costly bailouts for state-owned enterprises and smaller-than-expected tax revenue, according to Finance Minister Tito Mboweni, Fin24 reported Oct. 30.
Huge problems, from government infighting to rampant corruption, skyrocketing unemployment and more, have beset South Africa. More worryingly for the country, the ruling ANC has few ideas how to solve the mess.
The quarter will be defined by the threat of a conflict with Iran that disrupts oil supplies while the global economy nervously anticipates the next turn in the U.S.-China trade war and the possibility of an ugly U.K.-EU divorce.
Foreign investors have been selling South African government bonds at a high rate of almost 2 billion rand (roughly $130 million) per day this month amid fears of a credit downgrade by Moody's Investors Service, Bloomberg reported Aug. 14.