By Claire Badenhorst
- Cosatu is planning a one-day national strike on Wednesday to protest against corruption, job losses and the government’s plans to curb its wage bill and other spending. According to Bloomberg, the protest comes as the state struggles to contain the fallout from Covid-19, which has tipped the economy into its longest recession in almost 30 years. While the government has announced a R500bn plan to support businesses and individuals whose livelihoods have been affected, its pandemic response has been marred by allegations that contracts to provide PPE were tainted by graft. South Africa’s battered economy can ill-afford the strike but Cosatu feels it is a necessary evil. “We are quite aware that a strike in itself is damaging to the economy, but sitting down and doing nothing is not helpful because the entire economy will collapse if no action is taken,” the federation’s general secretary said. “It is better to bite the bullet now and be counted amongst those who are raising crucial issues very sharply.”
- French media giant Canal+ bought a significant stake (6.5%) in MultiChoice, sending the share price of South Africa’s largest broadcasting company up by over 8%. Canal+ said the move highlights the confidence it has in the growth potential of DStv’s parent company.
- Thanks to a stronger rand in September as well as a falling oil price, you can look forward to a fuel price cut on Wednesday morning. Diesel will be 90c cheaper per litre, while 93 and 95 petrol will go down by 23c and 32c, respectively.
