Free Trial

Load-Shedding Sets Stage for Further Fall in Consumer Confidence

SOUTH AFRICA
  • News24 writes that the latest wave of load-shedding across the country is causing “chaos” across a number of industries, with insurers struggling to keep up with claims, security companies coming up against increased crime during blackouts and airlines and other transport suffer delays and congested routes due to traffic lights being out.
  • Moneyweb writes further on Eskom’s troubles with energy costs, as the utility looks to diesel to cover the shortfalls of its power plants. They write that Eskom has already burned through its budget of R7.7bln this year and wants to spend R17bln in 2023.
  • MPs are now calling for Eskom CEO Andre de Ruyter to be sacked as well as the entire board of directors. EWN see South Africans placing the blame with the ANC and President Ramaphosa himself.
  • According to University of Johannesburg data, the overall happiness of South Africans dropped below average on Sunday when Eskom announced Stage 6 power outages. Such a decline in the index can be associated with strikes, protests and increased crime.
  • SARB are expected to hike rates further at tomorrow’s meeting, with CPI stubbornly holding about the top-end of their target range. Full MNI preview here: https://marketnews.com/mni-sarb-preview-september-...

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.