5 important things happening in South Africa today

 ·22 Apr 2024

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

  • Numsa demanding above-inflation wage increase: The National Union of Metalworkers of South Africa (Numsa) has urged its members in the steel sector to stay prepared as it negotiates wage increases with employers. During initial talks, Numsa, South Africa’s largest trade union, demanded 7% wage increases for the first year and 6% for the subsequent two years, aiming for adjustments above the inflation rate. [Business Day]

  • Tshwane looking to axe officials: The City of Tshwane plans to appeal the disciplinary process outcome that found five officials guilty of gross negligence in awarding a multimillion tender for the Rooiwal Wastewater Treatment Plant to businessman Edwin Sodi, facing corruption charges. Despite the disciplinary board’s recommendation for a one-month suspension without pay, the city disagrees and has placed the officials on precautionary suspension with full pay while pursuing stricter sanctions through the labour court. [Daily Maverick]

  • SA arms manufacturers cut corners: South African arms companies are profiting from unauthorised contracts with the Democratic Republic of Congo’s defence department, bypassing numerous regulatory procedures. Despite lacking official clearance, these companies are understood to be selling weapons, including facilitating the sale of Chinese drones and missiles. This occurs while South African troops are deployed in the DRC as part of a regional stability effort. [Business Day]

  • SAA looking for money: Interim chairman of South African Airways (SAA), Derek Hanekom, said that the airline is looking for potential minority investors and access to capital markets and loan financing for more rapid expansion following the collapse of a previous equity deal. [BusinessTech]

  • Markets:  South Africa’s rand firmed on Friday after a day of volatile trading, as the U.S. dollar gave up its gains at the tail end of last week. On Monday (22 April), the rand was trading at R19.10 to the dollar, R23.64 to the pound, and R20.36 to the euro. Oil is trading at $86.53 a barrel. [Reuters]

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