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Ramaphosa Launches Phala Phala Defence in Front of Lawmakers

SOUTH AFRICA
  • Defending himself in front of lawmakers yesterday, Ramaphosa again denied the theft of cash from his Phala Phala Farm was a form of money laundering, and stated that he will continue to comply with any further investigations.
  • In an interview with EWN posted late yesterday, Eskom CEO de Ruyter decried reports of possible stage 15 load-shedding made yesterday as clickbait, adding that South Africa can expect stage 4 load-shedding into Saturday morning, before stage 3 over the weekend and stage 2 by the end of next week.
  • The more favourable load-shedding backdrop follows the beginning of more deliveries of diesel, allowing open cycle gas turbines to enter the generation mix.
  • Trade and budget balance data are the focuses Friday, with markets also watching for any developments with the Eskom board. It’s thought that a new board of directors could decide the fate of the CEO de Ruyter, rather than a direct decision from government.
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  • Defending himself in front of lawmakers yesterday, Ramaphosa again denied the theft of cash from his Phala Phala Farm was a form of money laundering, and stated that he will continue to comply with any further investigations.
  • In an interview with EWN posted late yesterday, Eskom CEO de Ruyter decried reports of possible stage 15 load-shedding made yesterday as clickbait, adding that South Africa can expect stage 4 load-shedding into Saturday morning, before stage 3 over the weekend and stage 2 by the end of next week.
  • The more favourable load-shedding backdrop follows the beginning of more deliveries of diesel, allowing open cycle gas turbines to enter the generation mix.
  • Trade and budget balance data are the focuses Friday, with markets also watching for any developments with the Eskom board. It’s thought that a new board of directors could decide the fate of the CEO de Ruyter, rather than a direct decision from government.