News Update as at 16h30 SAST
President Ramaphosa Says Grey Listing Not Dire
President Cyril Ramaphosa has said that the country's grey listing by the Financial Action Task Force is an opportunity for the country to strengthen its fight against financial crimes. South Africa, together with Africa's leading economy, Nigeria - was added to the dreaded list on Friday, February 24, 2023. It was found that both countries fell short of international standards for combating money laundering and other serious financial crimes. Grey listing could have a huge impact on investments into a country.
Uganda's President Yoweri Museveni On State Visit to South Africa
Political and trade relations will feature as President Cyril Ramaphosa hosts Ugandan President Yoweri Museveni. The East African leader is in the country on his first state visit since 2011, eNCA reports.
Steep Petrol Price Hike On The Cards for March
The Department of Mineral Resources and Energy has announced that petrol prices will increase amid a supply crunch worldwide, reports News24. The price of both 95 and 93 unleaded petrol will be hiked by R1.27 a litre, while diesel will go up by between 30c and 32c. Fuel prices are largely determined by the oil price, as well as the rand - as oil is priced in dollars. Petrol prices are increasing at a higher rate than diesel because of lower inventory levels globally and closures of refineries in some countries for seasonal maintenance, the department said in a statement.
Gauteng Province Concerned About Escalating Gang Violence in Schools
The Gauteng Education Department is battling to root out violence within schools as high levels of gangsterism and crime remain rife in some areas, reports EWN. A grade 10 pupil was stabbed outside Dinokaneng Secondary School's premises last week. The pupil was rushed to the hospital but was declared dead on arrival. This is the second stabbing at the school in an area reported to be riddled with gang violence. Executive council member Matome Chiloane said it was becoming increasingly difficult for the department to deal with violence outside school premises.
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Is South Africa Ready for New Load Shedding Stages?
Eskom System Operator GM Isabel Fick says the power utility is working with the National Energy Regulator of South Africa (NERSA) on preparing load shedding schedules beyond Stage 8, and guidelines on stages 8 to 16 are being drawn up for approval by NERSA, reports Moneyweb. Using Eskom's current methodology where Stage 1 means that 1 000MW are "shed" from the national grid and Stage 2 means 2 000MW and so on, Stage 16 would require 16 000MW of demand to be cut through rotational blackouts. Peak demand in summer is around 30 000MW (in winter, this number will be ±34 000MW). Moneyweb says a 16 000MW cut would equate to roughly half the demand in South Africa (including exports). Stage 8 means no power for half the day. At Stage 16, where the frequency of Stage 8 is doubled, the number of hours of load shedding across a four-day cycle is 96 - meaning no electricity at all, reports Moneyweb.
