Good morning. Here are the important stories you need to know today:
Zuma’s security deposit raised by R500,000 as court battle with Downer, Maughan begins
The Daily Maverick reports that on Monday, the Pietermaritzburg High Court heard that former president Jacob Zuma’s R500,000 security deposit for his private criminal prosecution of advocate Billy Downer and senior News24 journalist Karyn Maughan for allegedly violating the National Prosecuting Authority Act had been increased.
In his request for more security, Downer said that the criminal trial, which was expected to last 10 days, could cost a little more than R500,000 for a senior lawyer and R450,000 for two junior lawyers. On top of that, there were fees for consulting of about R100,000 and a contingency fund of R5,000. (Daily Maverick)
‘As bad as load shedding’ – Why business thinks Transnet strike could be ‘final nail in coffin’
If the pay dispute is not quickly resolved, the Transnet strike might be the “final nail in the coffin” for an already weakening South African economy, according to corporate lobby organisations. These organisations have warned that the economic effect might be greater than the Covid-19 nationwide lockout or at least as severe as load shedding if port operations were to be hampered, News24 reports. UNTU and Satawu have gone on strike over salaries, rejecting a 3% salary rise offer in negotiations. UNTU proposes a 13.5% raise while Satawu wants 12%. (News24, for subscribers)
Biden condemns ‘utter brutality’ of Russian strikes on civilians
President Joe Biden described the Russian military’s missile bombardment on civilians as “utter brutality.” According to the Daily Maverick, at least ten people were killed by Russia’s greatest onslaught on Kyiv and other cities since the beginning of the invasion, which occurred on Monday. Biden hinted that further sanctions and military help might ensue for Ukraine. (Daily Maverick)
Here’s what else we’re reading today:
SA Business
Contractor takes Eskom to court over R16bn maintenance contract – News24, for subscribers
FlySafair secures rights to many destinations – The Citizen
Anglo’s Kumba Iron Ore counts the cost of Transnet’s force majeure – Daily Maverick
Global Business
Musk Sued by Twitter Investor Over ‘Fraudulent’ Buyout Flip-Flop – Bloomberg
UK Needs More Migrants to Boost Growth, CBI Business Lobby Says – Daily Maverick
First Foreign 737 Max Flight Takes to Skies in China After Almost Four Years – Daily Maverick
Markets
Stocks, Treasuries Fall as Inflation Angst Rises – Bloomberg
The Most Powerful Buyers in Treasuries Are All Bailing at Once – Bloomberg
U.S. should pump more oil to avert war-level energy crisis, says JPMorgan’s Jamie Dimon – CNBC
