Good morning. Here are the important stories you need to know today:
Satawu poised to join Transnet strike on Monday
The labour court threw down Transnet’s appeal to stop a strike by Satawu members, allowing more than 21,000 employees to join industrial action that has already knocked the “state-owned rail and ports operator to its knees”.
Transnet, whose huge transport network is a vital factor in the economy, declared force majeure on Thursday after employees headed by Untu struck seeking better pay, Business Live reports.
Untu represents 60% of Transnet’s 55,000 employees (BusinessLIVE, for subscribers)
PetroSA working to solve SA oil refinery woes, bolster Eskom relationship: acting CEO
Meanwhile, PetroSA’s acting CEO Sandisiwe Ncemane said the country’s lack of refinery capacity presents many challenges.
Ncemane told News24 Business during Africa Oil Week that South Africa’s gas imports show a refinery capacity constraint, News24 reports. Ncemane noted that the oil and gas increase was a global geopolitical concern, but PetroSA could provide answers via strategic alliances, downstream development, and local refinery support.
(News24, for subscribers)
Stocks Face Brutal Earnings Season With All Eyes on Apple, Investors Say
Investors anticipate greater stock declines during this earnings season and will closely monitor Apple Inc.
as a measure of the global economic circumstances.
More than 60% of the 724 respondents to the most recent MLIV Pulse poll believe the S&P 500 Index will decline during this earnings season.
Here’s what else we’re reading today:
SA Business
Load shedding returns with evening Stage 2 from Monday to Wednesday – News24
Why Mantashe’s decision to snub the Joburg Mining Indaba is significant – Daily Maverick
SA to strengthen ties at Washington meetings with eye on greylisting – BusinessLIVE
Global Business
Why should Twitter or investors trust Musk this time? – BusinessLIVE
Stocks slump as rate-hike outlook damps sentiment – Daily Maverick
Why ‘quiet quitting’ was well underway in China before the rest of the world caught on – CNBC
Markets
Musk says Beijing doesn’t want him to sell Starlink in China – CNBC
Oil’s Rally Stalls on Concerns Fed Hikes Will Hurt Energy Demand – Bloomberg (for subscribers)
Why stock-market investors keep falling for Fed ‘pivot’ talk — and what it will take to put in a bottom – Market Watch
