Losses caused by Western Cape fires and storms could cost the insurance industry in excess of R3bn to R4bn, outstripping the costs of previous disasters and leading to higher insurance premiums in affected areas. Between 3,000 and 4,000 people have been displaced following fires around Knysna and the death toll from severe weather and fires along the southern coastline had reached at least 12.
More Ratings Downgrades Expected
The rand survived the latest rating agency announcement, which saw Moody’s downgrade both the local and foreign currency rating to Baa3 and maintaining a negative outlook. Both Moody’s and S&P are threatening to take the local credit rating below investment grade and it would need each of them to act once to see South Africa excluded from major global bond indices and generate large capital flight.
Strike Threat In Metals Industry
In a scathing statement on Friday, Numsa said employers had failed to meet its demand for a double digit wage increase during the second day of wage talks held on Thursday. “Based on this proposal, we are convinced that employers are indeed provoking a deadlock in order to justify a strike. Employers clearly do not want industrial peace in the engineering sector, they want it to be unstable,” Numsa said. Employers proposed a 5.3% wage increase across the board for the first year of the agreement, based on the minimum rate, and not the actual rate that workers earned. However, Numsa has demanded a 15% wage increase across the board, based on the actual rate that a worker is earning, and not on the minimum rate.
Times Media Group Renamed Tiso Blackstar Group
The Times Media group has announced its name change to the Tiso Blackstar Group. “Today, as a broad-based multi-platform company, Tiso Blackstar Group is equally focused on providing quality content and services to audiences, advertisers, and its customer base across Africa and the world,” stated the company.
Jaguar Invests In Lyft And Self Driving Cars
Jaguar Land Rover said it’s working with Lyft on autonomous-driving technology and will offer vehicles for rent to the San Francisco-based startup’s drivers. The automaker, which is a subsidiary of Tata Motors Ltd., also disclosed an investment of $25 million in Lyft as part of a funding round that closed in April, valuing the business at $7.5 billion
Denel Could Be Transferred To Dept Of Public Enterprises
Pre-Cabinet level discussions are under way within the government about transferring State-owned defence industrial group Denel from the aegis of the Department of Public Works to that of the Department of Defence (DoD). This was stated by Defence Secretary Dr Sam Gulube at a function marking the twenty-fifth anniversary of the South African Aerospace, Maritime and Defence Industries Association (AMD) in Pretoria on Thursday
Indicators: Oil 48.22 – Rand/USD 12.88 – Rand/GBP 16.39 – Rand/EUR 14.47