Fallout from Eskom lights out; Palladium record; Manufacturing production falls; Changing spending habits; Comair CEO
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• President Cyril Ramaphosa is cutting short a trip abroad to deal with the escalating crisis at Eskom while mining companies cut production and cel phone companies are struggling to cope. The Department of Mineral Resources and Energy Affairs is considering short-and medium term interventions to address the electricity shortage including taking steps to develop more electricity generation capacity from independent power producers.
• The Rand declined the most this month falling 1.2% to the dollar making it the worst performer among emerging-market currencies. Meanwhile palladium has surged to a record, topping $1900 an ounce, after South African mining companies halted operations in response to the power cuts.
• Manufacturing production has contracted for a fifth consecutive month adding to South Africa’s economic woes. Statistics South Africa said output fell by 0.8% in October compared to the same period last year.
• Despite a tight wallet squeeze and slipping consumer confidence, South Africans are still in the mood to spend. That’s according to the Nielsen Consumer Confidence Index who have also revealed that South Africans are spending less money on take-aways and new clothes and
• Comair has announced the appointment of Wrenelle Stander as Group CEO, effective immediately.
• The Rand declined the most this month falling 1.2% to the dollar making it the worst performer among emerging-market currencies. Meanwhile palladium has surged to a record, topping $1900 an ounce, after South African mining companies halted operations in response to the power cuts.
• Manufacturing production has contracted for a fifth consecutive month adding to South Africa’s economic woes. Statistics South Africa said output fell by 0.8% in October compared to the same period last year.
• Despite a tight wallet squeeze and slipping consumer confidence, South Africans are still in the mood to spend. That’s according to the Nielsen Consumer Confidence Index who have also revealed that South Africans are spending less money on take-aways and new clothes and
• Comair has announced the appointment of Wrenelle Stander as Group CEO, effective immediately.
