June 15, 2012

From Creamer Media in Johannesburg, I’m Reggie Sikhakhane

Making headlines:

South Africa wants Western nations to lift economic sanctions imposed on Zimbabwe and is pressing Harare's power-sharing government to speed up reforms needed to bring about elections in the troubled country.

Lindiwe Zulu, who is South African President Jacob Zuma's top foreign policy adviser, says the continent, and not only Zimbabwe, agrees that the sanctions imposed on Zimbabwe are not working.

Meanwhile, Analysts say the sanctions have been exploited by President Robert Mugabe for his political purposes, blaming them for his party's economic blunders that have caused what was once one of Africa's richest nations to now be among its poorest.

South Africa is the country most affected by turmoil in Zimbabwe. Millions flooded across the border owing to Zimbabwean election violence in 2008, straining South Africa's schools, housing and health services.

State-owned power utility Eskom will submit its third multiyear price determination period application to the National Energy Regulator of South Africa during July, CE Brian Dames has confirmed.

This, despite the group reporting profit for the year of R13.2-billion, up from R8.4-billion in 2010/11, and recorded capital expenditure of R58.8-billion. It expects to invest at a rate of R65-billion a year for the remainder of its currently approved build programme to 2018.

Dames says Eskom is still finalising a number of assumptions, including its expectations for primary energy inflation, as well as the cost associated with the introduction of renewable energy and conventional independent power producers.

Egypt's supreme court has ruled to dissolve the Islamist-led Parliament, plunging a troubled transition to democracy into turmoil just two days before an election to replace ousted leader Hosni Mubarak.

In a further setback for the Islamists, the Supreme Constitutional Court ruled that Mubarak's last prime minister, Ahmed Shafik, could stay in the presidential race against the Brotherhood's Mohamed Morsy.

The Muslim Brotherhood says the court’s ruling indicates Egypt is heading into "very difficult days that might be more dangerous than the last days of Mubarak's rule".

Also making headlines:

Sudan says it has agreed to resume talks next week with South Sudan to end hostilities between the archfoes.

And, Finance Minister Pravin Gordhan says South Africa's government has no intention of intervening in the foreign exchange market to influence the level of the rand.

That’s a roundup of news making headlines today.