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Eskom Looks For New CEO, Non-Farm Payrolls On Tap Today

SOUTH AFRICA
  • Eskom has reduced load-shedding to Stage 4 this morning and outlined plans to move to Stage 3 on Sunday. The energy utility is looking for a new CEO after Andre De Ruyter stepped down, bowing to pressure from Mineral Resource and Energy Minister Gwede Mantashe, who accused Eskom chief of sabotage. Some observers are suggesting that De Ruyter's resignation was linked to factional infighting in the ruling ANC party, as President Ramaphosa stayed tight-lipped when the Eskom chief came under attack from his minister. De Ruyter will continue to serve as interim CEO until the end of March 2023.
  • ANC delegates are heading to Johannesburg where the party will hold its national elective conference from Friday. The focus will be on the election of top six party executives, with President Ramaphosa remaining the frontrunner to win the leadership contest.
  • Q3 non-farm payrolls and November PPI will cross the wires shortly, concluding data releases for the week. Reminder that South Africa will observe a public holiday tomorrow.

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