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☆ 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

☆ South Africa faces a 'different kind of political division,' says former AngloGold Ashanti CEO
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSouth Africa faces a 'different kind of political division,' says former AngloGold Ashanti CEOBobby Godsell, former non-executive chairman of Eskom and former CEO of AngloGold Ashanti, joins CNBC "Street Signs" as South Africa heads to the polls.

Persons: Bobby Godsell Organizations: Ashanti, CNBC Locations: Africa, South Africa

Its 2022 annual report, filed on January 19, said the deal desk should review any deals greater than $500,000. SUSE sales growth was slowing at the time. Reuters could not determine if the deal was vetted by the deal desk nor how many deals have been going through the unit. SUSE and Reuters parent company, Thomson Reuters, are involved in litigation over the use of SUSE software products. SUSE claims that Thomson Reuters breached the terms that allegedly governed its use of SUSE software products.

Persons: SUSE, Reuters wasn't, EQT, Melissa Di Donato, Di Donato greenlighted, Di Donato, Eskom, BNY, BNY Mellon, Di, Christian Strenger, Di Donato's, Thomson, Karin Strohecker, Stefania Spezzati, Emma, Victoria Farr, Elisa Martinuzzi, Daniel Flynn Organizations: Microsoft, BMW, Sales, Reuters, Bank of New York Mellon, BNY Mellon, BNY, Corporate Governance Institute, Frankfurt School of Finance & Management, Thomson Reuters, Thomson Locations: Frankfurt

☆ VW struggling with S.Africa costs as group targets savings - executive
▼ + stars: | 2023-11-24 | by ( Joe Bavier | ) www.reuters.com time to read: +3 min

[1/2] Thomas Schaefer, Volkswagen's CEO of the VW Passenger Cars Brand speaks with Reuters about the future of VW production in Africa, in Johannesburg, South Africa, November 24, 2023. The German automaker has been in South Africa for nearly 80 years. Factors like competitive labour costs once placed it among the company's higher-ranking bases globally, VW brand chief Thomas Schaefer said during a visit to the country. Schaefer said there were no current plans to introduce EV manufacturing in South Africa, since electric cars are currently priced out of the reach of most domestic consumers. "There's a realistic chance that South Africa, with enough focus, with all the raw materials in the neighbourhood, they could be a champion," Schaefer said.

Persons: Thomas Schaefer, Volkswagen's, Sumaya Hisham, Schaefer, We're, " Schaefer, Victoria Waldersee, Mark Potter Organizations: VW, Reuters, REUTERS, Volkswagen, Polo, European Union, Thomson Locations: Africa, Johannesburg, South Africa, JOHANNESBURG, Uitenhage, Britain, Berlin

☆ South Africa powers ahead with 3GW of gas projects, minister says
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

South African Minister of Electricity Kgosientsho Ramakgopa briefs members of the media after his visit to assess progress on bringing back online faulty units and boosting power generation at the Kusile Power Station, in Delmas, in Mpumalanga province, South Africa, September 11, 2023. REUTERS/Siphiwe Sibeko Acquire Licensing RightsSummary South Africa needs 6 GW of new power generation capacityCountry expects 5.5 GW of renewable projects online by 2026Nov 5 (Reuters) - South Africa is accelerating plans for 3 gigawatts (GW) of gas-fired power generation to help to plug an energy deficit that is hurting the economy, electricity minister Kgosientsho Ramakgopa said on Sunday. As you know gas, from an emissions standpoint, is a step down compared to coal, so it's important we accelerate that," Ramakgopa said. Ramakgopa said in June that South Africa expects more than 5.5 GW of new renewable energy projects to come online by 2026. South Africa is also seeking to extend to life of its 40-year-old 1.94 GW Koeberg nuclear plant by 20 years beyond its scheduled shutdown next year.

Persons: Siphiwe, Kgosientsho Ramakgopa, Ramakgopa, Nelson Banya, David Goodman Organizations: Electricity, REUTERS, Thomson Locations: Kusile, Delmas, Mpumalanga province, South Africa, Africa, Coega, Eastern, Richards Bay

☆ World oil, gas, coal demand to peak by 2030, IEA says
▼ + stars: | 2023-10-24 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

The report from the IEA, which advises industrialised countries, contrasts with the view of oil producer group the Organization of the Petroleum Exporting Countries, which sees oil demand rising long after 2030 and calls for trillions in new oil sector investment. In its annual World Energy Outlook released on Tuesday, the IEA said peaks in oil, natural gas and coal demand were visible this decade in its scenario based on governments' current policies - the first time this has happened. "The transition to clean energy is happening worldwide and it's unstoppable. "Governments, companies and investors need to get behind clean energy transitions rather than hindering them." The IEA also sees China's role as a key source of energy demand growth changing.

Persons: Sun, Siphiwe, Fatih Birol, Alex Lawler, Jonathan Oatis Organizations: Kendal Power, REUTERS, International Energy Agency, Organization of, Petroleum, trillions, Energy, IEA, U.S, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Paris, China, OPEC

A child collecting chunks of coal looks on at a colliery while smoke rises from the Duvha coal-based power station owned by state power utility Eskom, in Emalahleni, in Mpumalanga province, South Africa, June 2, 2021. South Africa is facing its worst power crisis, with Eskom's ageing, coal-fired plants often breaking down. "It's a policy development loan which supports critical reforms," Marie-Nelly said of the potential World Bank funding. The World Bank loan would also support South Africa to make a "just transition" away from coal, to ensure vulnerable people do not suffer as a result, Marie-Nelly said. In November 2022, the World Bank approved $497 million in financing to decommission and repurpose one of Eskom's coal-fired power plants.

Persons: Siphiwe, Marie Francoise Marie, Nelly, Marie, Eskom, Rachel Savage, Jorgelina, Kopano Gumbi, Mark Potter, Mike Harrison Organizations: REUTERS, World, Reuters, Bank, South, World Bank, Thomson Locations: Emalahleni, Mpumalanga province, South Africa, MARRAKECH, Morocco, Marrakech, Africa, Rosario

☆ S.Africa's first virtual renewable electricity transfer model to go live next year
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Siphiwe Sibeko/File Photo Acquire Licensing RightsJOHANNESBURG, Oct 6 (Reuters) - South Africa's first virtual electricity transfer model is likely to go live by end of next year, a top government official said on Friday, a move that could rapidly ramp up renewable power consumption and reduce the burden on ailing state utility Eskom. The utility in August signed an agreement with Vodacom (VODJ.J), the African telecoms arm of Vodafone (VOD.L), to introduce an electricity transfer model known as virtual wheeling, which will allow a consumer to buy renewable power from any producer anywhere in the country. This is expected to make power from large renewable producers available to smaller users such as standalone buildings, housing societies and factories. "What we're trying to resolve really is to ensure that we protect the South African economy from total collapse," Minister of Electricity Kgosientsho Ramokgopa said during a conference. Vodacom's South Africa Chief Executive Sitho Mdlalose told Reuters this would help it to run its 15,000 network sites on renewable power.

Persons: Sun, Siphiwe, Ramokgopa, Onicah Rantwane, Sitho Mdlalose, Nqobile, Promit Mukherjee, Kirsten Donovan Organizations: Kendal Power, REUTERS, Rights, Vodacom, Vodafone, Electricity, Eskom, Reuters, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Rights JOHANNESBURG

☆ 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

☆ S.African municipalities' unpaid dues to Eskom rise to $3.3 bln-minister
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +2 min

JOHANNESBURG, Aug 20 (Reuters) - The amount of unpaid dues that South African municipalities owe debt-laden power company Eskom has risen to more than 63.2 billion rand ($3.33 billion) and is increasing exponentially, risking even longer power cuts around the country, the electricity minister said on Sunday. Kgosientsho Ramokgopa said the figure had risen by 4.7 billion rand since the start of this year. Eskom supplies power to 238 municipalities with the top 20 of them accounting for 77% or 48.9 billion rand of the total overdue debt, Ramokgopa said. The government is exploring ways to resolve the municipal debt crisis and is looking at funding from various means to upgrade the distribution infrastructure, Ramokgopa said, without giving any timeline. ($1 = 18.9890 rand)Reporting by Promit Mukherjee; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Kgosientsho Ramokgopa, Ramokgopa, Eskom, Promit Mukherjee, Susan Fenton Organizations: Thomson Locations: JOHANNESBURG, South Africa

☆ Johannesburg residents stunned by once-in-a-decade snowfall
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +1 min

[1/5] Children play in the snow at Laerskool Orion, a school located in Brackenhurst, a suburb south of Johannesburg in South Africa, July 10, 2023. REUTERS/Siphiwe SibekoJOHANNESBURG, July 10 (Reuters) - Residents of South Africa's biggest city Johannesburg were stunned by the first snowfall in over a decade on Monday, with some children seeing snow for the first time. While parts of South Africa regularly receive snowfall over the southern hemisphere winter months around June to August, Johannesburg last saw snow in August 2012. South of the city in Brackenhurst, a Reuters photographer saw children making snowballs and snow angels in a school's grounds. But for others, like delivery driver Chenjerai Murape whose motorbike would not start, the snow made life difficult.

Persons: Jennifer Banda, Chenjerai, Snow, Tannur Anders, Thando Hlophe, Catherine Schenck, Shafiek, Alexander Winning Organizations: REUTERS, Nelson, Reuters, African Weather Service, Thomson Locations: Brackenhurst, Johannesburg, South Africa, Siphiwe, JOHANNESBURG, South Africa's, Gauteng, Pretoria, Mpumalanga province

☆ 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

In a response to Reuters questions, South Africa's national treasury said it, along with President Cyril Ramaphosa's office, had appointed a consultant that it did not name to find ways to resolve the issue. It would also allow the decommissioning of three power plants, which the government is considering delaying because of the shortages of generation capacity. Rudi Dicks, the head of project management at the South African presidency, said there was a need to "clarify as a matter of urgency" whether the international loans could be accepted. Of the $8.5 billion pledged to South Africa, $3 billion is from the Climate Investment Funds (CIF), a leading multilateral investor in developing countries. In a statement it said it remained "committed to supporting South Africa's just transition from coal to clean power".

Persons: Cyril Ramaphosa's, Rudi Dicks, Promit Mukherjee, Carien du Plessis, Olivia Kumwenda, Barbara Lewis Organizations: European Union, Reuters Graphics, Reuters, Partners, Investment Funds, Thomson Locations: JOHANNESBURG, Britain, France, Germany, United States, South Africa, Africa

JOHANNESBURG, May 15 (Reuters) - South Africa's climate policy body on Monday suggested the government could delay retiring its ageing coal-fired power plants to address electricity shortages and said a power crisis had put the country on track to meet its climate goals anyway. The ruling African National Congress has recommended that state power utility Eskom delay the decommissioning of its ageing coal-fired power stations to help minimise rolling electricity outages. "The least-cost approach is to pull the coal plants off when they reach the end of their economic life," said Crispian Olver, executive director of the Presidential Climate Commission (PCC). South Africa relies on coal for electricity. South Africa's national target for emissions reductions is 398-510 MtCO2e by 2025, and 350-420 MtCO2e by 2030.

☆ South African rand gains as dollar slips; inflation in focus
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, April 17 (Reuters) - The South African rand gained against the dollar in early trade on Monday as the U.S. currency slipped on global markets , with local investors' focus on inflation data this week. At 0700 GMT, the rand traded at 18.0275 against the dollar, about 0.2% stronger than its closing level on Friday. There are no major South African economic data releases on Monday, so the rand is likely to track dollar moves. Analysts are looking to the March consumer price index (CPI) to gauge the success of the South African Reserve Bank's interest rate hikes in taming price pressures. The worst power cuts on record mean the prospects for growth in Africa's most industrialised economy this year are bleak.

☆ Difficult to say if South Africa will face a recession this year, finance minister says
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDifficult to say if South Africa will face a recession this year, finance minister saysEnoch Godongwana, South Africa's Minister of Finance, says it is "difficult to say" whether the country will face a recession in 2023, noting that its economic forecasts have been downgraded recently amid ongoing load shedding. He adds that his "priority number one" is reforming the country's embattled power supplier Eskom.

☆ South Africa targets $111 billion investment goal in tough investor climate
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +3 min

[1/2] South Africa's President Cyril Ramaphosa looks on as he delivers the opening address at the 5th Investment Conference to showcase opportunities available in the country to local and international companies, in Sandton, South Africa, April 13, 2023. Jairus Mmutle/Government Communication Information System (GCIS)/Handout via REUTERSJOHANNESBURG, April 13 (Reuters) - South Africa needs to urgently fix energy, transport and security challenges if it is to reverse souring investor sentiment, executives said on Thursday as President Cyril Ramaphosa targets 2 trillion rand ($111 billion) in new investments over the next five years. "The way we see it for the future of South Africa, international investment is so important and these challenges make it difficult for us to position the potential of South Africa as an attractive investment destination while there is uncertainty on when reforms will be implemented," Brown said. South Africa has experienced its worst power cuts on record, leaving businesses and households in the dark for up to 10 hours daily. The South African Reserve Bank estimates these blackouts have shaved off at least 2 percentage points from growth.

☆ South Africa fights to keep phone networks up as lights go out
▼ + stars: | 2023-04-05 | by ( Nqobile Dludla | ) www.reuters.com time to read: +8 min

A bank of expensive backup batteries, theft-proofed within a block of concrete. "Our costs have gone through the roof," lamented Sitho Mdlalose, managing director of Vodacom South Africa (VODJ.J). President Cyril Ramaphosa in February declared a national state of disaster, calling the crisis an existential threat to South Africa's social fabric. While most network towers in South Africa are equipped with a battery for backup power, more advanced systems are less common. That risks delaying South Africa's pivot to the digital economy and could leave rural areas, which already suffer from sparse coverage, lagging even further behind.

☆ 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.

☆ S.African utility Eskom's interim profit drops almost two-thirds
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

SummarySummary Companies State-owned utility posts profit of 3.84 bln randProfit drop due to power cuts, plant performanceEskom needs 60 bln rand for operations in 2023JOHANNESBURG, March 31 (Reuters) - South African power utility Eskom said on Friday its half year profit fell by nearly two-thirds, driven by rolling power cuts and poor plant performance. Debt-saddled Eskom has struggled for years to meet electricity demand in the country, plunging Africa's most developed economy into hours of power cuts, hurting industry output and impacting households. The state-owned utility's profit for the six months ended Sept. 30 fell to 3.84 billion rand ($216.5 million) from 10.61 billion rand in the year earlier period. The government, which has struggled for years to overhaul the power firm, said in February it planned to take on 254 billion rand of Eskom's 423 billion rand debt as of Sept. 30. For 2023, Eskom said it would need 60 billion rand for operations, three quarters of which has already been arranged with the remainder to be secured through a private share placement.

[1/2] Dressmaker Faieza Caswell from Mitchells Plain sews under candlelight in her workplace, on the Cape Flats due to South Africa's struggling power utility company Eskom, implementing regular power cuts - called 'load-shedding', in Cape Town, South Africa February 11, 2023. South Africa's relatively wealthy, developed economy and nearly three decades of political stability helped drive industry growth and draw in reinsurers. And they are now tightening the conditions of their agreements with insurance companies. Reinsurers are also pushing insurance companies to include so-called "named perils" in policies rather than offering blanket cover for catastrophes. Grid failure would plunge South Africa into a nationwide blackout that could last weeks.

☆ The energy CEO poisoned with cyanide-laced coffee plans to 'lay low' and 'watch out for who invites me to coffee' after losing access to his bodyguard
▼ + stars: | 2023-03-02 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Eskom's former CEO plans to "lay low" and go abroad for a while after cyanide poisoning. De Ruyter alleged corruption in South Africa's government in an explosive interview last week. He described the incident in greater detail in his TV interview, saying his personal assistant had served him instant coffee because the coffee machine at Eskom's headquarter was being repaired. Since De Ruyter was appointed as CEO in 2019, he has tried to clamp down on corruption in the energy sector. He also pointed to South Africa's governing party, the African National Congress, for the power shortages saying "it's a little bit like a Venn Diagram."

☆ South African factory activity slumps in Feb on record power cuts - Absa PMI
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +1 min

JOHANNESBURG, March 1 (Reuters) - South African manufacturing activity contracted sharply in February as unprecedented power cuts led to a marked deterioration in business conditions, a survey showed on Wednesday. The business activity, new sales orders, employment and inventories indices were all in contractionary terrain, Absa said in a statement. "Load-shedding once again featured frequently in the commentary where respondents explained why activity declined relative to the previous month," Absa said, using a term for power outages. Struggling state electricity utility Eskom has implemented power cuts every day this year due to breakdowns at its coal-fired power plants, after a record number of days with outages last year. There was a steep fall in the PMI index measuring expected business conditions in six months' time, with the index falling to its lowest level since May 2020.

☆ An energy CEO poisoned with a cyanide-laced coffee joked that you should 'never have a personalized mug' in an explosive interview on South African TV
▼ + stars: | 2023-02-23 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

Andre De Ruyter, CEO of South African energy giant Eskom, was poisoned with cyanide in December. He joked Tuesday that you should "never have a personalized mug" after poison was slipped into his coffee. De Ruyter, CEO of energy giant Eskom, was interviewed by journalist Annika Larsen, with the interview broadcast on South African TV on Tuesday. Insider has viewed the interview, which was also reported by local South African publications. "So this is a recommendation and a learning that I can share, never have a personalized mug.

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