Good morning. Here are the important stories you need to know today:
Workers spurn Transnet latest offer, vow to go on with strike
Sunday, the unions at Transnet rejected its most recent offer and promised to continue their strike. On Monday, the United National Transport Union (Untu) will undertake more discussions with the employer, Business Day reports. The SA Transport and Allied Workers Union (Satawu) has also said that its members would continue to strike until Transnet makes a better proposal. After their first demand of between 12% and 13%, Satawu and Untu are now requesting a raise in excess of the inflation rate of 7.6%. (Business Day, for subscribers)
More load shedding planned until Wednesday
On Sunday, Eskom said that from Monday to Wednesday, they will be implementing stage 2 load shedding from 16:00 to midnight. Since late Saturday afternoon, all three power plants in the area—Grootvlei, Kriel, and Majuba—have had at least one of their generating units restored, News24 reports. However, Lethabo power plant had to shut down a generator for maintenance. Eskom reports that 15,612 MW of capacity is down owing to breakdowns, while 5,244 MW is out for maintenance. (News24)
Ramaphosa shakes hands with Saudi Arabia in a massive push for renewable energy
According to Business Tech, President Cyril Ramaphosa confirmed that South Africa and Saudi Arabia signed 17 memoranda of understanding in diverse areas, including renewable energy and green hydrogen. The president boosted ties and sought investment in the middle eastern nation this weekend. Saturday at the Saudi Arabia-South Africa Investment Conference, Ramaphosa said commerce between the two nations was $5 billion and could expand. (Business Tech)
Here’s what else we’re reading today:
SA Business
UCT VC Phakeng lambasted for ‘disgusting’ tweet about late colleague – News24 (for subscribers)
South Africa a week away from a food, petrol and deeper load shedding crisis: report – Business Tech
SAA has a plan even if Takatso deal is delayed ‘indefinitely’ says interim chair – News24 (for subscribers)
Global Business
Ramaphosa confirms Saudi Arabia wants to join Brics family – TimesLIVE
UK’s Truss sacrifices close friend Kwarteng over unloved fiscal plan – TimesLIVE
Ill-equipped Russian soldiers with only days of training are dying in combat: ‘these guys are just literally cannon fodder’ – Business Insider
Markets
Asian stocks drop, dollar slips amid wary trading – Daily Maverick
