| So, the lights are back on - mostly. And with that, Harmony Gold Mining has resumed underground operations after they were suspended on Monday as Eskom implemented stage 6 load shedding. President Cyril Ramaphosa cut short a trip to Egypt so he could take stock of the dire situation at Eskom. It seems there now won't be any load shedding over the festive season. That will come as a relief for retailers, many of whom have had to close their doors during the power outages. The retail sector is already in for a weak fourth-quarter, with Statistics SA reporting an expansion of just 0.3% year-on-year in October. While November's sales will be boosted by the recent Black Friday specials, load shedding will have weighed on December's numbers. Despite constrained discretionary spend and pessimistic consumer sentiment, Italtile says it has managed to grow sales a little over the past few months as it did what it could to lure customers into its stores. And Taste Holdings will be hoping for the same at its jewellery and watch stores after it warned of a first-half loss as it disposes of its restaurant franchises. More on those stories in today's newsletter, along with an announcement from Metair of a possible buyer for its energy storage (battery) operations, Bell Equipment's latest empowerment deal and results from African Phoenix. Meanwhile, Tongaat Hulett says it only plans to resume trading in its shares next month after it releases an interim trading statement. Finally, for many relatively wealthy South Africans the question has become not whether to invest offshore, but how. The need to diversify one's emerging market currency risks has become a burning one as South Africa's hoped-for political and economic recovery seems stuck in surreal slow motion. One of the asset classes many are looking at now is an investment in offshore real estate, which in some cases is made all the more attractive by the bonus of a 'Plan B' residency programme. Portugal's Golden Visa programme springs to mind here, in a country that has the additional advantages of a great climate, a well-run, business-friendly government, and one of Europe's top-performing property markets. Click here to find out more about the Golden Visa. Have a good day. Stephen Gunnion Managing Editor, InceConnect
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