5 important things happening in South Africa today

 ·19 Mar 2024

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

  • Another eThekwini municipal strike on the table: The Municipal and Allied Trade Union of South Africa (Matusa) has raised issues with eThekwini municipality’s “blanket approach” in dealing with rogue elements of the Samwu affiliated municipal strike. In response to numerous grievances, Matusa has obtained a certificate permitting a strike – however, the union have not decided if it will actually strike and is currently in consultations with its members. [Times Live]

  • JSE modernisation on its way: The Johannesburg Stock Exchange (JSE) has said that it is working with Amazon Web Services to overhaul its over 30-year-old broker-dealer administration system. This is part of a strategy to form technology partnerships for the JSE in order to modernise its systems. [BusinessTech]

  • Transnet tariffs slammed as ‘predatory’: In a policy overhaul aimed at opening its doors for private retail operators to use its railway network, Transnet has proposed a multiyear tariff structure which would generate around R9.2 billion. However, the proposals have raised worries among industry players, who said the pricing model was ‘predatory’ and would impose longer-term constraints on the country’s mining and logistics industries. [Business Day]

  • Discovery shares dip: Following Discovery’s release of a voluntary trading statement on Monday, the group’s share price slid by just over 7% – closing at a 52-week low. The group expects headline earnings per share to be between 3% lower and 2% higher. [Moneyweb]

  • Markets: The South African rand weakened on Monday at the start of a week, which will include inflation figures and several major central bank rate decisions. On Tuesday (19 March), the rand was trading at R18.98 to the dollar, R23.98 to the pound, and R20.62 to the euro. Oil is trading at $86.75 a barrel. [Reuters]

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