Mantashe moves forward with nuclear procurement. A new study shows consumers are more indebted than ever. Ramaphosa makes his way to flood-hit KZN to assess the damage. The R2 billion Tongaat takeover draws scrutiny as shareholders probe the company that wants control.
Minister of mineral resources and energy Gwede Mantashe has laid out South Africa’s plans to tender for proposals to build nuclear capacity. Despite meetings with the National Nuclear Regulator extending from last year, this is the first clear signal that the department is actively planning to open up the process of bidding. When questioned about timing, Mantashe said ‘the sooner the better’ and stressed that the government would follow through.
A survey by Genesis Analytics, in partnership with the Financial Sector Conduct Authority, found that more than 50% of South Africa’s credit-active consumers can be considered to be heavily indebted, which has resulted in bad credit records for 48% of borrowers. Close to half of the 27 million adults using credit have difficulty keeping up with debt repayments, while 95% of low-income individuals used debt to pay for basic needs such as food.
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