MANUFACTURING SLUMP
Eskom power woes and recession risk keep rand under the whip
10 December 2019 - 23:29
Eskom’s woes took a toll on the rand, with SA’s currency leading its emerging-market counterparts lower after a report showing manufacturing production endured its longest slump since the global financial crisis highlighted the recession risk facing the economy.
As power cuts, which on Monday briefly moved to an unprecedented stage 6, stretched for a sixth day and the bulk of SA mines suspended work for a second shift, the rand dropped to multi-week lows against the dollar, euro and British pound on Tuesday...
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