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Eskom Cranks Up Loadshedding

SOUTH AFRICA
  • Eskom have notified for further outages today, cutting 2,000MW off the grid from 10am until midnight. The notification marks an increase in loadshedding against the previously announced schedule.
  • In a statement released late yesterday, the COSATU unions are in discussions with the government to equalise wages for workers in the expanded public works and community work programmes. The government most recently updated South Africa’s minimum wage on 1 March 2022, with the amount set at R23.19 for each ordinary hour worked, representing an increase of 6.9% from the minimum wage set in 2021.
  • After months of delays and – reportedly R1bln in costs – the Zondo Commission are due to hand over their final graft report to President Ramaphosa today. EWN cites concerns that the delays had been due to interference from the President’s office – a claim denied by both the President and the chief justice.
  • Barclays have boosted their 2022 GDP forecast, now seeing growth at 2.2%, up from their prior view of 1.5%.
  • Focus turns to the May CPI release, with Y/Y CPI seen climbing to 6.1% from 5.9%, while core climbs to 4.1% from 3.9% previously.

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