5 important things happening in South Africa today

Here’s what is happening in and affecting South Africa today:

  • Eskom’s worst performance: A new report shows that Eskom has delivered its worst performance to date, with its generation stopping 697 times and its coal fleet shrinking to 55.5% by March. Eskom’s chief operating officer said South Africa needs to add 50,000MW – equal to replacing the current energy fleet (45,000MW) – of additional generation to the national transmission grid over the next 13 years to cover the energy supply gap and replace retiring coal stations. [News24]

  • SAA deal not done: The privatisation of SAA is set to take some time as the airline emerges from business rescue and government provisions ensure that returning staff and creditors get paid. In an interview with RSG Geldsake, public enterprises minister Pravin Gordhan stressed that despite the government signing the agreement with Takatso Consortium for the sale of a 51% stake in SAA, the transaction is not yet finalised. Regulatory hurdles still need to be overcome to complete the process. [Moneyweb]

  • State capture: The State Capture Commission’s latest report revealed that the Indian state-owned bank, the Bank of Baroda, failed to report suspicious activity from the Gupta family’s and their associate’s accounts. The commission found that the bank facilitated the Guptas’ alleged laundering operation. By using the bank, the Guptas were allegedly able to launch their many assaults on South Africa with the assistance of state ministers. [Daily Maverick]

  • Public protector: Members of parliament have decided to proceed with the impeachment of public protector Busiswe Mkwhebane, after she made an unprecedented move to once again halt the process. Mkhwebane has asked the high court to interdict parliament from proceeding by applying to the courts to rescind the dismissal of an earlier rescission application. The public protector has launched every court bid in her power to prevent the inquiry into her fitness to hold office to proceed. [Mail & Guardian]

  • Markets: US stocks were low after recent consumer price index (CPI) data did little to ease investor worries over inflation and interest rates. The CPI increased 0.3% last month, the smallest gain since last August, while economists polled by Reuters had forecast consumer prices gaining 0.2% in April. The rand is currently trading at R16.18/$, R17.02/€ and R19.76/£. [Nasdaq]

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