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Deadlock In Transnet Wage Talks, Lobby Group Warn Of Impact

SOUTH AFRICA
  • A strike by thousands of rail, pipeline and ports workers at Transnet is set to enter its sixth day on Tuesday after mediated talks to end the stalemate over higher wages hit a deadlock. (Business Day.za)
  • The news presents a gloomy picture for shipments of SA minerals and for potential knock-on effects to the broader economy.
    • “We regret that despite the efforts of the CCMA, the parties were unable to reach each other,” said labour minister Thulas Nxesi, who intervened in the talks between union leaders and Transnet.
  • Business lobby groups have warned that disruptions from the Transnet strike could be as bad as load shedding and worse than the Covid-19 lockdown. 60% of SA’s GDP relies on imports and exports in some regard, and the Minerals Council forecasts a revenue loss of R50 billion this year for iron ore, coal, chrome, ferrochrome, and manganese exporters.
  • Today manufacturing production data for August will cross at 1200BST/1300Local:
    • Aug. Manufacturing Prod SA MoM, est. 0.6%, prior -0.2%
    • Aug. Manufacturing Prod NSA YoY, est. -0.7%, prior 3.7%
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