Fuel rationing fears grow as oil crisis exposes weaknesses
South Africa is facing rising fears of possible fuel rationing as surging global oil prices highlight weaknesses in the country’s energy security and fuel supply system. Analysts warn the country is vulnerable because it imports most of its oil and has reduced refining capacity and strategic reserves. The price shock follows escalating conflict involving Iran, which has pushed crude prices sharply higher and raised inflation concerns.
Ramaphosa heads to Brazil, Lula urges defence cooperation
Brazilian President Luiz Inácio Lula da Silva called for closer defence cooperation between Brazil and South Africa, saying the two countries should combine their capabilities to develop military technology and reduce reliance on foreign arms suppliers. Speaking during President Cyril Ramaphosa’s state visit, Lula said a newly enacted defence cooperation agreement could open the door to joint projects and make South Africa a potential market for Brazil’s defence industry, including aircraft produced by Embraer. Emphasising deterrence rather than militarisation, Lula said: “Here in South America, we position ourselves as a region of peace. Here, nobody has nuclear bombs, here our drones are for agriculture, and not for war. So, we think of defence as deterrence, but if we don’t prepare ourselves in terms of defence, one day someone will invade us.”
Absa posts strong annual earnings growth
Absa reported a 12% rise in full-year headline earnings to about R24.7 billion, helped by lower credit impairments and growth in its corporate and investment banking divisions. Revenue increased 5% to R115.7 billion as non-interest income strengthened despite modest loan growth. The bank also saw stronger performance from its operations across the rest of Africa, which outpaced growth in its domestic market.
Businessman faces scrutiny at Madlanga inquiry
Businessman Suleiman “Caca” Carrim faced intense scrutiny at the Madlanga inquiry, where allegations around government tenders, business influence and political connections were examined. The proceedings highlighted claims of intimidation and threats surrounding controversial procurement deals. The inquiry is probing possible corruption and undue influence in state contracts linked to powerful business figures.
Iran-Israel tensions raise risk of wider regional conflict
Tensions between Iran, Israel and the United States have intensified following military strikes and retaliatory threats, raising fears of a broader regional conflict. The confrontation has already unsettled global markets and contributed to rising oil prices. Diplomats warn that further escalation could destabilise the Middle East and disrupt energy supplies worldwide.
Sources: News24, Gov.br, Reuters, Daily Maverick, AP