Good morning, here’s what you need to know today.
Labour experts have warned Eskom against not initiating disciplinary processes against employees that harass and intimidate those trying to go to work, SA is in for a recession this year if load shedding persists, and with the fuel price increase on Wednesday, we’ve found some helpful tips to cope with the increase.
If Eskom strikers aren’t punished, it will set a dangerous precedent, expert warns – Fin24 (for subscribers)
A labour expert has warned Eskom that by not acting against striking workers it will set a dangerous precedent for future labour negotiations.
The power utility’s workers are not allowed to strike seeing as Eskom is an essential service but for the past two weeks, its workers have been engaged in wildcat strikes against the state-owned enterprise.
The strike has caused significant havoc with Eskom’s operations and sent South Africa into stage 6 load shedding. But now the power utility wants to suspend disciplinary action and possible employee dismissal for those caught disrupting operations and intimidating staff. Read more here.
Recession risk mounts if harsh power cuts persist – Business Day (for subscribers)
Meanwhile, the worst power cuts in more than two years combined with deteriorating consumer confidence and a battered KwaZulu-Natal economy, struggling to recover from flooding in April, could send the South African economy into a recession this year.
Chief economist at Investec, Annabel Bishop, says that if load-shedding continues for the rest of the third quarter and the second quarter GDP shrinks, as has been feared because of the impact of the floods in KZN, then the country would be looking at a technical recession.
Hugo Pienaar, chief economist at the Bureau for Economic Research, says that while households have found ways of coping with load shedding at lower stages, the negative impact on the economy increases as load shedding moves up to the higher stages. Read more here.
How car owners can beat the jaw-dropping fuel price increases – Daily Maverick
As if rolling power cuts weren’t bad enough, a sharp increase in the fuel price is due on Wednesday, which will see petrol prices hiked by R2.37 (93) and R2.57 (95) a litre while the petrol levy cut falls from R1.50 a litre to 75c.
Fuel prices are now nearly R10 a litre more than it was a year ago.
Daily Maverick has complied a helpful guide packed with advice and tips to help you beat the fuel price increase. Every drop counts. Read more here.
Here’s what else we’re reading today:
How to end load-shedding — fast – MyBroadband
JHB City Power increases price of electricity, you’re now paying 7.47% more – EWN
Ramaphosa seeks solutions to power crisis outside of Eskom following backlash against the party over rolling blackouts – Daily Maverick
KZN unrest cost eThekwini businesses R70bn, and counting – survey – Daily Maverick
Where SA’s big banks sit on The Banker’s global rankings in 2022 – Fin24
Poor, pensioners among hardest hit by inflation: Economist – SABC News
ANC heads to court in defence of cadre deployment – News24
85% of adults in South Africa now have a bank account, says World Bank – Business Insider
Prasa launches 100 new locally manufactured trains – EWN
State of the SA Cities Report: Poverty and unemployment are on the increase – News24
