Tshepo Mongoai

The South African Transport and Allied Workers Union (SATAWU), which represents members in the private security sector, has signed a three-year wage agreement with employers. The agreement provides for a wage increase of 5.7 percent in the first year, followed by increases of 5.5 percent in both the second and third years. According to the union, employers have also agreed to contribute 60 percent towards workers’ medical aid cover, among other benefits.

Rating agency Fitch has upgraded South Africa’s long-term currency credit rating from double-B-minus to double-B, and the outlook remains stable. This marks Fitch’s first rating upgrade for the country in nearly 21 years. Fitch says the decision reflects the government’s progress on fixing public finances. This comes despite weak economic growth and recent domestic and global shocks. The agency also praised South Africa’s low levels of foreign currency debt.

Pharmaceutical manufacturer Adcock Ingram Critical Care is facing allegations of anti-competitive conduct over the pricing of its kidney failure treatment products. The Competition Commission has referred the case to the Competition Tribunal for prosecution. The commission says that between July 2019 and June 2024, Adcock Ingram engaged in excessive pricing for products used in dialysis and continuous renal replacement therapy.