It abstained from a United Nations vote denouncing the invasion of Ukraine, and last month South African President Cyril Ramaphosa said "bystander countries" were suffering due to sanctions against Russia. Like governments around the world, South Africa has rolled out subsidies to ease pressure on consumers from higher fuel costs.
Members of the National Union of Mineworkers (NUM) and Association of Mineworkers and Construction Union, who make up the vast majority of workers at Sibanye's gold operations, have been on strike at Sibanye's gold operations since March 9. The three-month standoff ended after Sibanye and the unions signed a wage deal brokered by South Africa's Commission for Conciliation, Mediation, and Arbitration, a labor mediation body.
The conflict has also hit shipping, Chadwick said, with major European ports used by South African fruit exporters being heavily congested as all Russia-bound containers are scanned, extending transit times to 90 days from the usual 24 days. Before the conflict, the industry was already grappling with sky-rocketing shipping costs, which jumped by about 150% over the past year, according to Chadwick.
China stocks fell between 0.3% and 0.8% as data showed the country's April retail sales shrank 11.1% on the year, almost twice the drop forecast, while industrial output fell 2.9%. South Africa's rand fell 0.4% as domestic power cuts, weaker gold prices and a blurry growth outlook weighed on the currency.