South African trade unions sign wage deal with miner Sibanye
Two of the biggest trade unions — National Union of Mineworkers (NUM) and Association of Mineworkers and Construction Union (AMCU) — that represents mine workers in South Africa have after months of strike signed an agreement with miner Sibanye Stillwater.
The two trade unions that were at loggerheads with the management of the company have in the past complained of unfair trade practises that ended up in a strike. On Sunday, one of the trade unions said that the last hurdle to restarting operations at the gold mines had been removed.
The issue of wages has been sorted out, making room for a productive environment that will be beneficial to the company and the country in general.
Earlier, Sibanye had said, according to Reuters, “that certain terms in the draught agreement had not been agreed by the parties and, as a result, they were not allowed to return to work.”
Osinbajo leaves for Africa CEO forum in Abidjan
Vice President Yemi Osinbajo departed Abuja on Sunday for Abidjan, Cote d’Ivoire, to participate in the annual summit of the Africa CEO Forum.
The vice president will participate in the event alongside other leaders in the continent and beyond.
Osinbajo’s spokesman, Laolu Akande, in a statement, said the forum would take place from June 13, to June 14.
The forum, organised by Jeune Afrique Media Group in collaboration with the International Finance Corporation (IFC), an arm of the World Bank, is Africa’s largest private sector event.
It features conferences, debates and high-level meetings dedicated to highlighting the role of the private sector in the development of the continent.
Osinbajo will join President Nana Akufo-Addo of Ghana, other business and political leaders in the opening panel in discussing the topic “Economic Sovereignty: From Ambition to Action”.
The vice president will also hold bi-lateral meetings with different stakeholders.
They include United Nations Secretary-General’s Special Advocate on Inclusive Finance for Development, her Majesty, Queen Maxima of Netherlands and the Managing Director, IFC, Makhtar Diop, among others.
Osinbajo, accompanied by the Special Adviser to the President on Economic Matters, Amb. Adeyemi Dipeolu, is expected back later on Monday.
Read also: Owo attack: Southwest governors meet, declare 3-day mourning
Tunisia’s trade deficit worsens by 67% to $3.25 billion in the first five months
According to a report from Reuters, Tunisia, Africa’s economic power house in North Africa trade deficit worsened by 67 percent to 9.92 billion dinars ($3.25 billion) in the first five months of the year.
The Kais Saied administration who have faced several criticism over his style of leadership and failed economic promises from some quarters have seen not only registered a decline in trade deficit by 67 percent but represents a remarkable drop from last year’s figure of 5.94 billion dinars in the same period of 2021.
Japan business mood worsens in second quarter
With high inputs cost driving cost of production higher than expected, a business survey index of large manufacturing firms in Japan showed a decrease of 9.9 percent in the second quarter of 2022.
The result from the survey showed that the situation worsened further when compared to the 7.6 percent recorded in the same quarter last year.
As the Russia-Ukraine war drove costs to levels not reached before, producers’ prices jumped 9.1 percent in May from a year ago, slowing from the previous month but remaining near record highs.
The weak yen is also associated with a rise in the cost of energy and raw materials. This is according to tradingeconomics. The country’s heavy reliance on imports for fuel and other commodities exposes the country to global supply shocks and imported inflationary pressure.
Oil extends losses as investors weigh US inflation, China demand
Following Friday’s inflation report release in the US and the potential for more virus lockdowns in China, oil losses extended for a third session as investors anticipate the prospect of a further rate hike.
Inflation in the United States reached a 40-year high of 8.6 percent in May, raising the prospect of further rate hikes when the Federal Reserve Bank’s Monetary Policy Committee meets to discuss monetary tightening.
West Texas Intermediate (WTI) futures fell nearly 2 percent to trade below $119 per barrel, according to Tradingeconomics, amid a broader market selloff.At present, the Texas sweet light is trading below $118.5.
Recent developments in China show that the authorities are battling to contain a sudden spike in new COVID-19 cases just weeks after Shanghai eased restrictions.
