Eskom has declared an emergency situation with regards to the stability of South Africa’s power supply. The entity says the power system is severely constrained today due to the loss of additional generating units from its power station fleet, reduced imports and the extensive use of emergency reserves, reports James-Brent Styan.
Davies pointed out that the playing field with regard to agricultural trade is all but level. “Anybody who thinks agricultural trade operates on free market principles; I don’t know what you’ve been smoking,” he said, citing the “enormous” subsidies EU countries receive for their agricultural products. “Some of these subsidies have been calculated to be more than the gross national product of some African countries. So it means that a country that is being subsidised has enormous capacity to enter markets at the expense of local producers.”
In his ten years as the CEO of FNB, Michael Jordaan has turned the bank from underdog into the most innovative bank in the world. FNB announced the retirement of the formidable business leader, stating that Jordaan wanted to spend more time with his family. In addition to his inventive business practices, Jordaan also became the first CEO of a South African bank to join Twitter. It is therefore no surprise that he became a trending topic hours after FNB announced that he will step down at the end of the year. Here is how the twitterverse paid tribute to Jordaan.
South African financial markets have been rocked this morning by a 20% decline in the share price of African Bank Investments Limited (Abil). The banking group had fallen sharply after the release of interim financial results for the six months ended 31 March 2013. While various social media and news channels have been absorbed with the sharp decline in the Abil shareprice, the folks at ETM Analytics managed to pull together the attached graph showing just how unsecured lending had ballooned in South Africa over the last few years.