Breakfast Edition: 21 July 2015
PRECIOUS METALS TAKE A KNOCK: Gold wage negotiations between five gold producers: AngloGold Ashanti, Evander Gold Mines, Harmony, Sibanye Gold and Village Main Reef and unions continued on Monday, the Chamber of Mines said. The Chamber of Mines met with the Association of Mineworkers and Construction Union as part of the bilateral meeting process, with the companies engaging with the union on their specific demands. Discussions between the parties were constructive and we look forward to further engagement," said Dr Elize Strydom on behalf of the Chamber of Mines. A series of bilateral meetings between AngloGold Ashanti, Evander Gold Mines, Harmony, Sibanye Gold and Village Main Reef and each of the four unions would take place this week. Meanwhile our precious metals took a serious knock and labour economist, Andrew Levey believes this makes conditions ripe for a strike in this sector.
REPO RATE: Meanwhile, the Reserve Bank's monetary policy committee will tomorrow and Thursday consider the repo- and interest rates. Economist, Francois Stofberg says there is a chance of a 25 basis point increase.
CHARGES LAID AGAINST ZUMA: The organisation, Accountability Now has laid charges of corruption and defeating the ends of justice against President Zuma and his Minister of Justice Michael Masutha. The organisation's advocate Paul Hoffman says the case will probably be investigated by the Hawks, as it relates to the golden handshake of over R17million to former National Director of Public prosecutions Mxolisi Nxasana.
ESKOM: Eskom will not be paying out bonuses this year. This is in stark contrast to last years' bonus pay-outs some 10-point-8 million rand to the top 10 officials alone. Eskom's Khulu Phasiwe says there is simply not enough money. Last night, stage 1 load shedding ended at 10pm with the power giant this morning saying there is a low risk of rolling blackouts.
PRASA INVESTIGATION: The Railway Safety Regulator's preliminary investigation into last weeks' train crash in at the Booysens station, has found that a signalling problem was the root of the cause.. Integrity tests were conducted on the primary signalling systems between Kazerne to New Canada and Naledi to JHB (Park Station).
SHARK ATTACK: Mick Fanning has spoken out after the shark attack in Jeffrey's Bay at the weekend. The incident was a hot topic after it was broadcasted LIVE on television during a surfing tournament in South Africa.
FINANCIAL INDICATORS:
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