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☆ South Africa's ruling ANC loses majority in country's most sweeping political shift in 30 years
▼ + stars: | 2024-06-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

South Africa's governing African National Congress lost its parliamentary majority of 30 years, in the country's most sweeping political shift since the end of the apartheid. The six-months-old uMkhonto weSizwe party of the country's former president Jacob Zuma, established in December, clinched 14.6% of votes. The result marks a meteoric fall for ANC from the 57.5% wrested during the previous election of 2019 — at the time, the party's weakest feat since South Africa's first democratic vote in 1994. In 2022, the World Bank named South Africa "the most unequal country in the world." "Top-of-mind issues for voters are unemployment, loadshedding, corruption, and crime, which have all taken a toll on the country's growth performance for years," analysts at Deloitte said at the start of the month.

Persons: Jacob Zuma, Long Organizations: African National Congress, ANC, Democratic Alliance, Marxist Economic, Fighters, World Bank, Deloitte Locations: South Africa

☆ South Africa has failed its Black majority. Nelson Mandela’s political heirs may pay the price
▼ + stars: | 2024-05-27 | by ( Hanna Ziady | ) edition.cnn.com time to read: +12 min

When South Africans vote Wednesday, an unhappy combination of rampant corruption, soaring joblessness, crippling power cuts and feeble economic growth will likely be top of mind. Black South Africans, who make up 81% of the population, are at the sharp end of this dire situation. ‘Elite enrichment’Under apartheid — and colonial rule before that — Black South Africans were violently oppressed and denied many basic human rights. Millions of South Africans still live in such informal settlements. “The poster child of this is the electricity sector.”For much of last year, South Africans were without power for at least some portion of the day.

Persons: ”, Nelson Mandela’s, —, Cyril Ramaphosa, Leon Sadiki, BEE, Moeletsi Mbeki, Thabo Mbeki, White, “, Tshediso Matona, Anders Pettersson, Black, …, Kganki Matabane, Matthew Parks, Matona, Mbeki, Ricardo Hausmann, Jacob Zuma, Haroon Bhorat, Michele Spatari, ” Bhorat, hasn’t, ANC “, Zuma, Ramaphosa, Cas Coovadia, Hausmann Organizations: Johannesburg CNN, National Congress, ANC, World Bank, Oxford Economics, Harvard University, Democratic Alliance, Bloomberg, Getty, South African Institute of International Affairs, Wits University, CNN, ”, BBEE, Black Business Council, South African Trade Unions, Harvard’s, University of Cape, South Africa’s Free, International Monetary Fund, Fitch, IMF, JPMorgan, Shell, Unilever, Business, Business Unity, Harvard Growth Locations: London, Johannesburg, Sudan, Africa, Alexandra, South Africa, Leon, Isipingo, KwaZulu, Natal, South, ”, University of Cape Town, loadshedding, Namahadi, Frankfort, Business Unity South Africa

☆ Siya Kolisi says South Africa’s title can unite country where ‘so much is going wrong’
▼ + stars: | 2023-10-30 | by ( Issy Ronald | ) edition.cnn.com time to read: +3 min

CNN —Captain Siya Kolisi said on Saturday that South Africa’s second consecutive Rugby World Cup title has the potential to unite the country, after he led the team to an enthralling 12-11 victory over New Zealand in the final. “There is so much going wrong in our country, we are the last line of defence,” Kolisi told broadcaster ITV Sport. Not just on the rugby field but in life in general,” added Kolisi. Siya Kolisi has led South Africa to two consecutive World Cup titles. The win maintained the country’s perfect record in Rugby World Cup finals, securing a record fourth win to make the Springboks the most successful country in the competition’s history.

Persons: Siya Kolisi, ” Kolisi, “, ”, Kolisi –, Port Elizabeth –, Zealand’s Richie McCaw, Nelson, can’t, Kolisi, Hugo Pfeiffer, Cyril Ramaphosa, Boks ’, Deon Davids, Sam Cane, “ Siya Kolisi, Tshidiso Mnisi Organizations: CNN, Rugby, New Zealand, ITV Sport, IMF, Springboks, Kolisi Foundation, ” Rugby, Reuters Locations: France, Zwide, Port Elizabeth, South Africa, Africa

☆ South African utility Eskom expects lower power cuts in summer - CEO
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

In May, Eskom had projected an unprecedented level of power cuts during the winter months. Although its most dire predictions did not materialise, the country still experienced 10 hours of power cuts for 39 days in winter and not a single day with uninterrupted supply. The country's central bank said in June that regular power cuts would shave off almost 2% from the country's growth rate. In the base case scenario, the country would see "Stage 4" loadshedding at worst, which translates into up to six hours of power cuts in a 32-hour cycle, he said. Bheki Nxumalo, Eskom's head of generation, said he expected lower daily rolling blackouts as the Kusile power plant would progressively come online from October.

Persons: Siphiwe, Eskom, Calib Cassim, Bheki, Cassim, Promit Mukherjee, Sharon Singleton Organizations: REUTERS, Thomson Locations: Sasolburg, Free State, South Africa, JOHANNESBURG

☆ South African rand firms after consumer confidence, current account data
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +2 min

South African Rand coins are seen in this illustration picture taken October 28, 2020. REUTERS/Mike Hutchings/Illustration Acquire Licensing RightsJOHANNESBURG, Sept 7 (Reuters) - The rand recovered some losses on Thursday after a consumer confidence index improved, although new data also showed that South Africa's current account deficit had widened. "Today's consumer confidence and current account figures beat estimates providing some encouragement in what has been a tough year for South Africa with the rand attempting to claw back some lost gains," said DailyFX analyst Warren Venketas. Central bank data earlier on Thursday showed South Africa's net foreign reserves fell to $55.444 billion by the end of August from $55.626 billion in July. South Africa's benchmark 2030 government bond was stronger, with the yield down 2.5 basis points to 10.385%.

Persons: Mike Hutchings, Warren Venketas, Tannur Anders, Nellie Peyton, Bhargav Organizations: REUTERS, Rights, Johannesburg Stock Exchange, Thomson Locations: Rights JOHANNESBURG, Africa, Johannesburg

[1/3] One of Tiger Brands' most popular beverage products, Oros, is seen during production at a manufacturing facility in Germiston, South Africa November 17, 2022. This investment, sometimes at the cost of essential capital expenditure, will eventually be passed onto consumers, making food prices higher for longer, food companies, economists and lobby groups told Reuters. It comes at a time when South Africa is already struggling with acute unemployment, 14-year high interest rates and ballooning inflation and complicates efforts of the South African Reserve Bank (SARB) to ease interest rate hikes. Poultry producer Astral (ARLJ.J), diversified food producers AVI (AVIJ.J) and RCL Foods (RCLJ.J) have indicated in their recent earnings statements the mitigating measures would eventually translate into higher food prices. The listed food producers have collectively lost almost 15% in their market value since the beginning of the year.

Persons: James Oatway, Derek McKernan, Kobus, Pieter Taljaard, Thomas Funke, Charles Rossouw, Rosle, Cloete, Gertenbach, Tannur Anders, Anait, Promit Mukherjee, David Evans Organizations: Tiger Brands, REUTERS, Reuters, South African Reserve Bank, Reuters Graphics, Premier, RCL, Grain SA, Cane Growers ' Association, Food, Agricultural, Thomson Locations: Germiston, South Africa, JOHANNESBURG, Africa

☆ South Africa nearing end of daily power cuts, minister says
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

Summary Electricity minister said summer could see no blackoutsCountry's power generation almost meeting demand, he saidWorst scenario of peak winter demand has not materialisedJOHANNESBURG, July 2 (Reuters) - South Africa's electricity minister said on Sunday the country was closer to ending daily power cuts as warmer weather returns towards the end of the year, but declined to give a specific date. South Africa is on course to see its most blackout days in history this year with daily power cuts extending to almost 10 hours a day, affecting businesses and households in an economy already hobbled by high interest rates and inflation. The power cuts, called loadshedding locally, is expected to shave off 2 percentage points from GDP this year, the central bank said last month. The capacity available is plateauing around 29,000 MW, giving enough room to bring the power cuts down to Stage 3, where 3,000 MW are taken off the grid, leading to between two and fours hours of daily power cuts, the minister added. South Africa implements power cuts in stages from one to eight with eight being the highest and translating into over 10 hours of daily power cuts.

Persons: Kgosientsho Ramokgopa, Ramokgopa, Promit Mukherjee, Alison Williams Organizations: Electricity, Thomson Locations: JOHANNESBURG, South Africa

☆ South African rand little changed as power cuts ease
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, June 19 (Reuters) - South Africa's rand was little changed on Monday as a reduction in the intensity of rolling power cuts boosted the currency. At 1514 GMT, the rand traded at 18.1950 against the dollar , near its previous close of 18.1900. The dollar index , which measures the U.S. currency against six major rivals, was up 0.16% to 102.46. South Africa's benchmark 2030 government bond was weaker, with the yield up 4 basis points to 10.780%. Reporting by Anait Miridzhanian and Bhargav Acharya; Editing by Shailesh Kuber and Barbara LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Warren Venketas, Anait Miridzhanian, Shailesh Kuber, Barbara Lewis Organizations: Reuters, Thomson Locations: JOHANNESBURG

☆ South Africa revokes 'state of disaster' declared over power crisis
▼ + stars: | 2023-04-05 | by ( Kopano Gumbi | ) www.reuters.com time to read: +3 min

The state of disaster gave the government additional powers to respond to the crisis, including by permitting emergency procurement procedures with fewer bureaucratic delays and less oversight. The newly appointed electricity minister Kgosientsho Ramokgopa said some crisis measures would remain in place. "The state is withdrawing the national state of disaster in response to OUTA's legal action challenging its rationality," said OUTA, a non-profit organisation that focuses on fighting government corruption and tax abuses. REUTERS/Esa AlexanderOUTA said the disaster regulations would have enabled corruption and that the crisis could be managed using existing laws. President Cyril Ramaphosa invoked disaster regulations on Feb. 9 to fight a paralysing power crisis that has included daily rolling power cuts by Eskom.

☆ South Africa's Eskom ramps up power cuts to 'Stage 6'
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: +1 min

Feb 19 (Reuters) - South Africa's state power utility Eskom on Sunday said it would implement "Stage 6" power cuts continuously until further notice due to breakdowns of eight generation units on Sunday afternoon. Further changes on the stages of loadshedding at short notice are possible given the high number of breakdowns, Eskom said in a statement. Eskom has been implementing the worst rolling blackouts in South Africa on record, leaving households in the dark, disrupting manufacturing and hurting businesses of all sizes, leading to President Cyril Ramaphosa declaring a national "state of disaster" earlier this month over his country's crippling power shortages. The "Stage 6" power cuts, the worst outage level on record, require up to 6,000 megawatts to be shed from the national grid, and mean up to 10 hours a day without power for some South Africans. Reporting by Jyoti Narayan in Bengaluru, Editing by Angus MacSwan and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

☆ South Africa energy blackouts: Ramaphosa skips Davos to tackle crisis
▼ + stars: | 2023-01-18 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —South Africa’s President Cyril Ramaphosa was forced this week to cancel a trip to Davos by an escalating energy crisis that is inflicting rolling blackouts on the continent’s most developed economy. At peak times, demand in South Africa averages between 28,000 MW and 34,000 MW. Electricity theft, including by impoverished townships in South Africa, and non-payment by municipal customers have made matters worse. Despite an abundance of sunshine and wind, South Africa still derives about 80% of its electricity from coal. South Africa’s National Energy Crisis Committee, a body run out of Ramaphosa’s office, has proposed several measures to ease the crisis in the short term, including importing energy from neighboring countries and buying excess energy from private producers.

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