Leaders Tested at South Africa's Eskom With Trouble Ahead

How quickly the shine fades. The confidence that infused Eskom SOC Ltd. after newly appointed South African President Cyril Ramaphosa installed fresh leadership is already slipping away amid a wage dispute and protests may lead to a strike. The premium investors demand to hold bonds of the state-owned power utility rather than government debt has widened to levels last seen before Ramaphosa assumed office, and Citigroup Inc. said it expects it to grow even larger.

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