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Mabuza out, de Ruyter in: Change at the helm of Eskom
Mabuza resigning affects the RandThe local currency took a big hit late last week after Eskom chairman Jabu Mabuza resigned on Friday. Former Ampak boss Andre de Ruyter has now replaced Mabuza as CEO of Eskom. The local currency struggled following Moody’s warning that a downgrade could come soon, should the government not come up with a credible budget in February. Globally, the Rand is looking to gain some strength from the imminent signing of the US-China phase one trade deal on Wednesday. This will be the first positive step towards ending an 18-month trade war between the two largest economies in the world.
Source: The Local January 14, 2020 09:11 UTC
