Five things making headlines in South Africa today

Nene to testify, Eskom tariff hikes, EOH results, Standard Bank PMI and more.
Finance Minister Nhlanhla Nene to take to the hot seat as the state capture inquiry resumes on Wednesday. Picture: Supplied

Here’s what caught our attention on Wednesday:

1. Nene to testify at state capture inquiry

A can of worms is expected to be opened at the state capture inquiry on Wednesday’s as finance minister Nhlanhla Nene takes to the stand to testify how he was ‘captured’ by the Guptas, and why former President Jacob Zuma fired him in 2015. South Africans will be at the edge of their seats to see if Nene confirms their conspiracy theories on whether he was given the boot after abandoning the Russian nuclear deal.

Update to follow.

2. Joburg Indaba kicks off

The annual two-day Joburg Indaba kicks off on Wednesday, and will see thought leaders and industry leaders take to the podium to discuss ways of encouraging investement in mining and resources in South Africa. Some of the prominent speakers for this year’s indaba include, Minister of Mineral Resources, Gwede Mantashe, CEO of Anglo American Platinum, Chris Griffith, Amcu president Joseph Mathunjwa and others. The indaba is being held in Inanda in Johannesburg.

3. Nersa hikes electricity tariffs

Energy regulator Nersa stamped an electricity price hike as Eskom tries to recover electricity costs. On Tuesday, Bloomberg reported that standard electricity users will have to pay R32.7 billion of unbudgeted electricity costs that Eskom incurred between 2014 and 2017. Nersa says that Eskom would be able raise electricity tariffs by at least 4.4% from April 1 to claw back expenses.

4. EOH results

Technology solutions firm EOH is reporting a fall in headline earnings per share from continuing operations to 278 cents for the year ended July 31 2018, compared to the 797 cents reported in 2017, while earnings per share fell to 202 cents from 794 cents in 2017.  The company’s normalised revenue increased marginally to R16 277 million, normalised operating profit fell to R1 187 million from R1 736 million in 2017. The board is declaring no dividend for the period.

5. Standard Bank PMI

Standard Bank’s purchasing manufacturing index (PMI) for September is expected to be released on Wednesday. In August, Standard Bank PMI fell to 47.2 from 49.3 in July.

Update to follow.

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