Sunday Times


Eskom puts squeeze on con­sumers, growth finds a fan any­way

- Business · Finance · Beer · Alcoholic Drinks · Cyril Ramaphosa · Africa · Eskom · Standard Bank Group · Gwede Mantashe

GOLD­MAN Sachs ex­pects the econ­omy to grow al­most 3% next year, helped by Pres­i­dent Cyril Ramaphosa’s re­forms and strong global growth, the bank’s Sub­Sa­ha­ran Africa head told Reuters. Colin Cole­man’s pre­dic­tion is more op­ti­mistic than the view held by econ­o­mists polled last month, who saw it grow­ing 1.7%.

A craft brew­ery backed by two CEOs of JSElisted com­pa­nies says it has launched SA’s first beer made with cannabis. The brewer has re­ceived fund­ing from a num­ber of well-known Dur­ban­based in­vestors, in­clud­ing RCL Foods CEO Miles Dally and Spar CEO Gra­ham O’Con­nor. Poi­son City Brew­ing started sell­ing a lager con­tain­ing hemp in Septem­ber, said coowner An­dre Schu­bert.

THERE will be no changes to the Min­ing Char­ter, cer­tainly within the next five years, fol­low­ing years of un­cer­tainty, min­eral re­sources min­is­ter Gwede Man­tashe said.

THE en­ergy reg­u­la­tor will al­low Eskom to claw back R31.1bn from con­sumers through a 4.41% elec­tric­ity price hike over the next four years. The hike is over and above an­other tar­iff ap­pli­ca­tion, yet to be de­cided on, wherein Eskom has asked to be al­lowed to hike tar­iffs 15% for the next three years, en­ergy an­a­lyst Chris Yel­land noted. PRI­VATE-SEC­TOR ac­tiv­ity has re­mained sub­dued, in­di­cat­ing that the econ­omy re­mained weak in the third quar­ter. The Stan­dard Bank pur­chas­ing man­agers in­dex showed that do­mes­tic busi­ness con­di­tions im­proved only slightly in Septem­ber to 48 af­ter a 29-month low of 47.2 in Au­gust.

TECH­NOL­OGY group EOH re­ported a big drop in full-year profit and opted not to de­clare a div­i­dend for the first time since the early 2000s. Head­line earn­ings per share from con­tin­u­ing op­er­a­tions fell to R2.78, from R7.97 in the same pe­riod a year be­fore.

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