Good morning. Here are the important stories you need to know today:
‘Devasting consequences of Transnet strike worse than energy crisis’
The South African Association of Freight Forwarders (SAAFF) has urged Transnet and the unions to quickly conclude their wage negotiations. “The ongoing impasse between recognised unions and Transnet is having a devastating effect on our economy – worse even when compared to the energy crisis!”. According to the business association’s analysis, supply chain logistics delays cost the economy between R100 million and R100 billion every day. (EWN)
Shaky ground — property magnate, Rali Mampeule embroiled in police investigation of R70m alleged ‘land flip’
The Gauteng government purchased a Midvaal farm for more than 10 times what it had been sold for only a few years earlier. The R70 million sale was a jackpot for property mogul Rali Mampeule, whose business received R44 million in ‘commission’ on the acquisition. Now that the authorities are conducting an investigation, “Mampeule insists he will be vindicated”. (Daily Maverick)
It’ll take 12 to 18 months to get out of load shedding, says Eskom’s Oberholzer
During the first day of Agri SA’s congress in Pretoria on Thursday, Jan Oberholzer, the COO of Eskom delivered a gloomy forecast. Oberholzer stated that households and businesses will continue to endure recurring power cuts over the next 12 to 18 months. Currently, the nation is experiencing stage two power outages, which will be reduced to stage one by Friday evening. (EWN)
Here’s what else we’re reading today:
SA Business
‘We have got nothing to hide’: Bain & Company appeals to Treasury to lift ban – EWN
Vodacom throws R340 million into rural network expansion to close digital divide – Daily Maverick
Transnet workers set to intensify protests with motorcade on Durban streets – TimesLIVE
Global Business
Jamie Dimon’s ‘gut’ tells him the Fed will have to hike rates over the expected range of 4% to 4.5% to cool inflation – Business Insider
Inflation and soaring bills putting brakes on switch to electric vehicles in UK – The Guardian
China’s surveillance state grows under Xi Jinping – The Times of India
Markets
Asian Stocks Climb After CPI, Dollar Extends Loss – Bloomberg
Core US Inflation Rises to 40-Year High, Securing Big Fed Hike – Daily Maverick
U.S. Fed could easily raise interest rates by another 75 basis points in December, says economist – CNBC
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