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Business Leaders Discuss Various Crises With Ramaphosa, Loadshedding Reduced

SOUTH AFRICA
  • According to a Bloomberg report, South African business leaders told President Cyril Ramaphosa that the unemployment rate could rise to 38.1% by 2030 from 32.9% currently, if the government fails to take urgent action to resolve the energy, logistics and crime crises. The forecast was presented during a meeting with the President yesterday and was based on the assumption that the economy would grow by 0.75% Y/Y on average.
  • A government source told BusinessDay that after Ramaphosa's intervention National Police Commissioner Fannie Masemola has appointed a special team to work with the private sector and facilitate the fight against crime.
  • Foreign Minister Naledi Pandor told her Japanese counterpart Yoshimasa Hayashi that South Africa is trying to persuade Russia to resume talks on the Black Sea Grain Initiative.
  • Eskom reduced loadshedding to Stage 1 this morning due to a "slight improvement in the generation capacity available." It will move between Stages 1 and 4 until further notice.
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