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Ramaphosa To Fight Phala Phala Report, Eskom Resumes Load Shedding

SOUTH AFRICA
  • President Cyril Ramaphosa is preparing to fight the Section 89 report, which threw his political fate into doubt last week. Local media outlets reported that the ANC's National Working Committee (NWC) assessed that the report was flawed and ruling party MPs must vote against it. It will issue a relevant recommendation to the National Executive Committee (NEC), the party's top decision-making body which is expected to meet today. Meanwhile, Ramaphosa's lawyer confirmed that the President will legally challenge the report in the Constitutional Court.
  • Eskom unexpectedly implemented Stage 4 load shedding on Saturday night before downshifting to Stage 3 this morning, with Stage 2 set to be implemented on Tuesday morning. The electricity public utility said in a statement that load shedding is implemented "to conserve the limited diesel stocks and to create space to replenish the dam levels in the pumped storage schemes." Note that this Thursday Unit 1 of the Koeberg Nuclear Power Station will be shut down for at least six months for maintenance, which will further disrupt energy supply.
  • South Africa's S&P Global PMI climbed to 50.6 in November from 49.5 prior, exceeding the 50.0 median estimate in a Bloomberg survey. There are no more major data releases today, ahead of Tuesday's release of Q3 GDP figures.

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