National treasury wants to forge ahead with long-stalled plans to sell state assets to shore up the nation’s shaky finances despite opposition from other government departments and labour unions.
Browsing: Eskom
The cost of propping up South Africa’s debt-stricken state power utility is mounting, placing severe pressure on the national budget and exacerbating the risk it poses to the nation’s finances.
The rand plummeted and bonds extended declines as investors faced the stark reality of what bailouts for the embattled state power utility will cost South Africa.
South Africa has unveiled its long-awaited plan to save its debt-stricken state power utility, including exposing it to greater competition, lowering fuel costs, increasing renewable energy output and selling non-core assets.
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An economy stuck in the longest downward cycle since World War 2, chronic electricity shortages and soft business confidence – after 20 months running South Africa, patience is wearing thin with Cyril Ramaphosa.
Volkswagen Group South Africa is poised to implement a plan to move its manufacturing plant in Uitenhage, plus some of its component suppliers in an adjacent supplier park, off the national electricity grid.
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Following major problems that brought Eskom’s Medupi power station to its knees last week, Medupi manager Rudi van der Wal is leaving Eskom to take up a position overseas.
Deloitte has become the latest international company dragged into South Africa’s government-linked corruption scandals.