5 important things happening in South Africa today

 ·10 Jun 2024

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

  • AMCU threatens strike action: The Association of Mineworkers and Construction Union (AMCU) threatened a strike if negotiations for the reinstatement of 213 dismissed workers from Sibanye-Stillwater operations in Rustenburg are unsuccessful. The dismissals occurred after workers did not resurface during an underground sit-in last week. AMCU president Joseph Mathunjwa mentioned that a dispute letter would be sent on Monday, aiming for a quick resolution over wage disagreements. If negotiations fail, the union plans to follow due process and strike. [EWN]

  • Exxaro and Absa’s legal showdown: Exxaro finds itself in a legal battle with Absa concerning a guarantee associated with its Matla coal mine’s infrastructure project. The conflict is the result of a breakdown in relations between Exxaro and a partnership formed by TDS Projects Construction and Newrak Mining. This consortium was selected in 2018 to undertake two related projects at the underground sites of Exxaro Matla’s Mine 2 and Mine 3. [BusinessDay]

  • City Power implements load reductions: Some Johannesburg residents will have to contend with load reduction from today after City Power said that its systems have come under massive strain over the past few days. The outages are set to run during peak times from 06h00 to 10h00 and 16h00 to 22h00 in high-density areas. [EWN]

  • Airlines set for R575 billion profit in 2024: The International Air Transport Association (IATA) predicts that the global airline industry is set to generate around R575 billion in profit in 2024. This comes amid higher ticket prices and a continued desire to travel following the pandemic. The outlook compares with the R517.12 billion in profit achieved last year. But while profit is rising, so are expenses, holding back earnings per passenger, IATA said. [News24]

  • Markets:  The rand gained at close on Friday, after the African National Congress (ANC) said it would seek to form a government of national unity. On Monday (10 June), the rand was trading at R18.75 to the dollar, R24.04 to the pound, and R20.41 to the euro. Oil is trading at $79.85 a barrel. [Reuters]
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