Flash Briefing: Power cuts in SA; land expropriation unpacked; PnP CEO to retire; Naspers; De Beers

By Melani Nathan 

  • South Africa faces four consecutive days of power cuts after state-owned utility Eskom Holdings reported a malfunction at one of its recently built generation plants, Kusile and other operational issues. Eskom, which supplies nearly all of the nation’s power, will cut 2,000 megawatts from the grid from noon on Thursday through to Sunday evening, it said in a statement.
  • Richard Brasher, the chief executive of South Africa’s Pick n Pay Stores, will retire on April 21st after eight years at the helm, the retailer said on in a statement. Brasher will be succeeded as CEO by Pieter Boone, former Chief Operating Officer of German retailer Metro AG.
  • De Beers has cut off some of its long-term diamond buyers, marking one of the biggest shakeups in the way the miner sells gems since the end of its monopoly 20 years ago. The world’s biggest diamond supplier has spent more than a year mulling the changes, which are designed to funnel more stones into fewer hands, said the people, who asked not to be identified as the talks were private.
  • President Cyril Ramaphosa told the ANC at the start of the year that passing legislation to allow for land expropriation without compensation is a priority for the ruling party this year. It is move that would most likely deal a devastating blow to the already troubled SA economy because it will deter investment. Dr Anthea Jeffery, a legal expert with the Institute for Race Relations thinktank, unpacks the details of the proposed laws that will allow for the state to seize many of your assets, including your home – regardless of your skin colour. Visit Biznews.com to read more and listen to Dr. Anthea Jeffery.
  • JSE-listed Naspers and Prosus shareholders, can breathe a sigh of relief after US officials have decided against an investment ban on China’s e-commerce giants, Alibaba and Tencent.

Listen on iTunes here.

(Visited 1,304 times, 1 visits today)