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The week that was: Fin24's top 5 stories

Feb 01 2019 18:57

From breaking up Eskom to the rand on a roll to explosive testimony at the PIC Inquiry, these were the top 5 stories on Fin24 this week.

1. Eskom: Breaking up is hard to do, but it may be necessary - experts

Breaking up Eskom's vertically integrated model will help turn around the embattled power utility and build a more efficient energy sector, experts say.

At a public discussion on Eskom, hosted by the University of Cape Town's Graduate School of Business and Power Futures South Africa, it was argued that breaking up the power utility and restructuring its supply chain would "increase efficiencies".

In simple terms, vertical integration involves the supply chain of a company being owned by that company.

Power lines feed electricity to the national grid

2. Petrol price likely to go up in February - AA

The price of petrol is likely to go up and that of diesel down in February, according to the Automobile Association.

The current picture shows petrol increasing by around eight cents a litre, while diesel is set to drop by three cents and illuminating paraffin by nine cents, in the view of the AA.

Colorful petrol pumps.

3. I have done nothing wrong - deputy finance minister insists amid whistle-blower storm

Deputy minister of finance and the chair of the Public Investment Corporation Mondli Gungubele said on Wednesday that he welcomed a probe of the allegations against him contained in an email by a whistle-blower as he had done nothing wrong. 

Earlier in the day the board of the state asset manager announced it would investigate "allegations of impropriety" against its acting chief executive officer and two non-executive directors.

Mondli Gungubele

4. Rand's luck may be about to run out as indicator flashes warning

The rand has been the biggest beneficiary of Federal Reserve chairperson Jerome Powell’s gift to emerging markets, but one technical indicator suggests the South African currency’s surge is overdone.

The dollar’s 14-day relative strength indicator versus the rand dipped below 30 on Thursday for the first time in a year, a sign to some traders that the greenback has dropped too far, too fast against its South African counterpart.

5. How deep does the rabbit hole of SA corruption go?

The name Gupta has become synonymous with state corruption in South Africa, as the family allegedly used its friendship with Jacob Zuma when he was president to win contracts and pick cabinet members.

But recent evidence splashed across newspaper front-pages and televised hearings about bribes and sweetheart deals between businessmen and ruling African National Congress officials suggest the rot runs far deeper than most people thought.

fin24 top stories  |  sa economy


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