Total strikes gas again, but wage strikes could total civil service

TOTAL made a second significant gas find off the coast of SA, a discovery that potentially paves the way for new foreign direct investment in the country. Having drilled to a depth of 3,400m in the Outeniqua basin, 175km off the southern coast of SA, the French multinational announced a find at its Luiperd well. The Luiperd well is adjacent to Total’s Brulpadda well, where the first discovery was made in early 2019.

INFLATION slowed for the second successive month in September, to the bottom of the Reserve Bank’s target range. Consumer prices rose 3% from a year earlier, compared with 3.1% in August, data from Stats SA showed. Prices rose 0.2% in the month.

PRESIDENT Cyril Ramaphosa downplayed the prospect of a stricter lockdown amid fears of a new wave of Covid-19 infections. The hard lockdown, which came into force at the end of March, shut down most economic activity.

THE government proposed a three-year wage freeze for public servants, placing the state at risk of a public sector strike in the coming months. The announcement in the medium-term budget policy statement has increased already simmering tensions between labour and the state ahead of the next round of wage talks.

ISUZU SA’s R1.2bn investment in a new bakkie has been delayed by the pandemic. The vehicle, which was due to be launched in 2021, will now go into production in 2022. MD Billy Tom said the investment programme has been affected by manufacturing and supply chain disruptions, locally and within the parent company’s production network.

WILSON Bayly Holmes Ovcon (WBHO), the largest remaining construction firm on the JSE, warned of a R1bn profit hit after Covid-19 disrupted projects and spooked its clients.