EFF Warns The Fight For Land Has Only Just Begun, NCCC To Discuss Restrictions This Week

LOCAL NEWS

• EFF warns the fight for land has only just begun after Parliament rejected land expropriation without compensation. EFF leader Malema said he would look at “extra-Parliamentary means of repossessing our land.”
  • Malema slammed the inclusion of “nil compensation” due to vagueness and said it outlawed the possibility of a price below market value of the land. Meanwhile, most opposition parties celebrated the rejection, with the proposed changes posing risks to property rights and investment in SA
• Eskom spent over R1bn in November on emergency diesel reserves, rising to 3x of October’s bill. Eskom COO said the outlook is still not that positive going into the end of the year as the prospect of blowing its R4.1bn diesel budget becomes a reality.
  • Eskom has spent R2.44bn already with the remainder needing to last until March 2022
• Businesses remain split over the possibility of mandatory workplace vaccination with Nedlac, Busa & Cosatu in favour, while the NLTA & Saftu have voiced opposition.
  • Ramaphosa will discuss the issue this week with the Coronavirus Command Council
• Energy experts are worried about Eskom’s use of its ageing fleets, saying they’re being run into the ground. The international benchmark for using coal fleets is around 70%.
  • Eskom is using its units at a rate of 90%, leading to about three boiler tube failures, per unit, per year. Eskom’s maintenance expenditure also remains low – stressing the system even more. Investors say Eskom is about two years too late to plan and prepare for suitable maintenance programmes.
• SA records 13,143 new cases of Covid-19 & 27 deaths overnight

Data:

• 0930GMT: Nov SACCI Business Confidence
• 1100GMT: Oct Retail Sales m/m exp at 0.8% vs 5.1% prior
• 1100GMT: Oct Retail sales y/y exp at 1.9% vs 2.1% prior