Demand slump hammers Africa’s oil producers
The rapid spread of Covid-19 around the world hammered global oil prices, which at one stage fell into negative territory, as demand slumped. For African countries reliant on oil exports, such as Nigeria and Angola, this was a catastrophe, slashing growth outlooks and depleting government coffers. The IMF projects growth for these countries to be 2% below the sub-Saharan region average.
Stats SA’s third quarter employment figures were a slap in the face, as the jobless rate grew by 7%, pushing the level to 30.8%. The expanded definition is even more ominous, rising to 43.1%.
“The toll on the poor is now unbearable. Fewer black South Africans are employed today than in 1994,” says Ayal Belling, the founder of the movement Organising for Work.
Eskom turns to battery power
South Africa’s debt-laden power utility Eskom is looking to battery power to shore up its electricity supply. However, due to the technical nature of the battery requirement and installation times, local companies will only be given a 20% participation in the project.
Winning bidders will, however, be required to develop skills and enable knowledge transfers to those they partner with in South Africa.
Offshore investing made easy
Local investors looking to expand their international portfolios don’t need to be afraid or to panic. There are various simple ways to do it, such as investing in Apple, Amazon or other global titans. Personal finance guru, Maya Fisher-French, leads you through the easy steps.