Here’s what caught our attention on Tuesday:
1. Numsa sets interdict against renewable energy projects
The National Union of Mineworkers (Numsa) is against government and Eskom signing a deal that will supply the country with renewable energy, arguing that it’s not favourable to the working class, because [coal-fired power plant] jobs will be lost. Additionally it stated that electricity from renewables will cost more than coal-fired electricity, Moneyweb reported.
Minister of energy and mineral resources Jeff Radebe said last week that an agreement was settled in which Eskom and government would sign a purchase agreement with independent power producer projects (IPP) on Tuesday.
2. Manufacturing production
The year-on-year January figures for manufacturing production is picked up 2,5%. Data from Trading Economics indicated that December’s manufacturing production went up 2%.
3. Spotify officially launches
Leading Swedish music streaming provider Spotify, officially sets foot in the South African market on Tuesday. The company sees opportunities in the smartphone and telecommunications market.
4. SAA recovery
South African Airlines (SAA) CEO Vuyani Jarana is aggressively working on a recovery plan, as he hopes to bring the state-owned airline back to its feet and in a position to gain profits in three years. The plan involves reducing the size of the network and the transfer of planes to a low-cost carrier. Finance minister Nhlanhla Nene has also said this is a top priority for him, according to Bloomberg.
5. Steinhoff cuts stake in KAP
Embattled retailer Steinhoff announced on Tuesday that it will sell $700 million of its shares in KAP Industrial in an attempt to raise cash to pay off its debt, after facing accounting irregularities in December which wiped out its market value.