Manage episode 245719134 series 2168632
- *President Cyril Ramaphosa says the government is on track to lure $100bn in new investment within five years, with more than $16bn already committed and many more projects in the pipeline. He was speaking to Bloomberg television.
Anglo American sees South Africa’s struggling state-owned power utility and regulatory uncertainty posing major risks to its operations in the country, where it’s planning to boost spending to expand output for platinum, manganese and iron ore, says Bloomberg.
Eskom is being hammered as global investors take a dim view of government plans to fix the ailing power utility. Some investors are getting out of Eskom dollar bonds amid concern South Africa is taking too long to implement a turnaround plan and explain what it will do about the utility’s $30bn of debt, says Bloomberg.
For many emerging markets, 2020 is looking slightly better than 2019. But, if there is a global slowdown, South Africa is not far behind Argentina in the vulnerability stakes, say economists.
House Democrats are opening the public phase of their impeachment inquiry of Donald Trump next week with some of the central witnesses who have detailed the president’s pressure on Ukraine to investigate a political rival, says Bloomberg.
Following what analysts have described as an awful and nasty trading update, Intu stock plunged more than 20% on the Johannesburg stock exchange on Wednesday. Intu has dropped more than 80% over the past year.