SA keen on closer ties with Russia and Ford workers get R20,000 payday
·12 Jul 2024

Here’s what is happening in and affecting South Africa today:
- SA keen to boost trade with Russia: The government is open to importing Russian gas for its PetroSA refinery, aiming to enhance trade with Russia, said Minister Gwede Mantashe. The discussion arose during a debate when James Lorimer inquired about PetroSA’s plans to import Russian gas, suggesting it could circumvent Western sanctions. Mantashe highlighted South Africa’s interest in strengthening ties with Russia, citing its membership in BRICS. [News24]
- NUMSA and Ford SA reached an agreement: The National Union of Metalworkers of South Africa (NUMSA) and Ford SA resolved a wage dispute, allowing over 3,000 workers to return to work after nearly two weeks. Although the Labour Court deemed the strike unlawful, the agreement includes no disciplinary actions for striking workers and an R20,000 payment from Ford SA to each worker as a resolution measure. [EWN]
- Sahpra wants more BEE compliance in healthcare sector: The South African Health Products Regulatory Authority (Sahpra), overseeing health product regulation, is mandating BEE certificate submission for license applications. Initially, this policy will be implemented (phase one), followed by a phase where Sahpra will deny issuing or renewing licenses if specific BEE criteria are not met (phase two). Sahpra circulated a revised policy this month, following its draft version last year, and has called for stakeholder feedback by September 9. [Moneyweb]
- Eskom CEO upbeat over climate funding: Eskom CEO Dan Marokane has effectively communicated to international funders under the Just Energy Transition Partnership (JETP) that delaying the shutdown of its old coal fleet is in South Africa’s best interest for energy security and preparation for renewable energy transition. Speaking at a Standard Bank-hosted conference, he assured that this decision would not upset the countries financially supporting South Africa’s energy shift, as they understand the rationale behind it. [Business Day]
- Markets: The rand extended its gains on Thursday after U.S. inflation unexpectedly fell last month, fuelling bets that the Federal Reserve may cut interest rates in September. On Tuesday (12 July), the rand was trading at R18.01 to the dollar, R23.26 to the pound, and R19.61 to the euro. Oil is trading at $85.59 a barrel. [Reuters]