‘Mister Sweet’ strike continues, and job cuts smash South Africa platinum

Here’s what is happening in and affecting South Africa today:

• Premier loses court bid to end Mister Sweet strike: The Johannesburg Labour Court has rejected Premier Group’s request to stop a strike at its Germiston Mister Sweet branch. Premier argued that the strike, which began on August 19, had turned violent and involved intimidation, but the court found that Premier had not proven that the workers had acted collectively. Judge Reynaud Daniels noted the Constitutional Court’s caution against easily granting interdicts that could unfairly disadvantage workers and unions. [GroundUp]

• Job cuts set SA platinum back: Platinum supplies have returned to pre-pandemic levels after the industry cut approximately 10,000 jobs and adjusted operations due to a significant decrease in prices. The World Platinum Investment Council (WPIC) warns that these reductions could jeopardize future production. It was noted that falling prices for platinum group metals (PGM) significantly impacted profit margins, leading to the industry trimming its workforce by 10,000 in 2024. [Business Day]

• Former Cape Town MMC ‘integral to multimillion-rand tender enterprise‘: Malusi Booi, former City of Cape Town human settlements mayoral committee member, and nine others, were implicated in a scheme involving illicitly awarded tenders totaling around R850 million. Allegations point to Ralph Stanfield, a suspected 28s gang boss, and his wife leading this operation. The state has claimed that Stanfield gave Booi’s ex-wife a Rolex in relation to the corrupt dealings. They all faced charges of fraud, corruption, money laundering, and racketeering during their initial court appearance. [Daily Maverick]

• SAA flight boom: Despite losing state bailouts and a failed deal with Takatso, South African Airways (SAA) has increased profitability through effective operations and service. According to SAA board chair Derek Hanekom, recent direct flights between Cape Town, Johannesburg, and Sao Paulo have led to a three-fold rise in visitor traffic. [The Citizen]

• Markets: The rand held on to gains against the dollar on Wednesday after U.S. inflation data reinforced expectations that the Federal Reserve will opt for a smaller rate cut at its policy meeting next week. On Thursday (12 September), the rand was trading at R17.91 to the dollar, R23.42 to the pound, and R19.76 to the euro. Oil is trading at $71.10 a barrel. [Reuters]