The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Traders in the fed funds futures market on Monday were pricing in a 34% chance that the Fed will stay put on rates.The Fedread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Walmart said Monday it's relaunching the once-beloved trendy New York fashion brand, Scoop NYC, on its website nationwide and in select stores.Retailread more
(Adds detail, Amplats comment)
JOHANNESBURG, Sept 10 (Reuters) - South Africa's main platinum mining union said it had formally declared that wage talks with Anglo American Platinum (Amplats) and Sibanye-Stillwater were deadlocked, raising the possibility of strike action if the issue cannot be resolved.
The formal declaration means the talks are now being overseen by internal arbitrators.
The Association of Mineworkers and Construction Union (AMCU) demanded in June a monthly basic wage hike of about 48% but talks broke down and it said last month that it was disappointed by a wage offer for workers at Lonmin, which was acquired by Sibanye this year.
Higher prices for precious metals and a weaker rand currency have boosted profits at the world's top platinum miners and emboldened the union to seek higher wage demands.
South Africa's AMCU union General Secretary Jeff Mphalele said the union had formally declared talks were deadlocked, when asked by Reuters on Tuesday.
Amplats, which in July reported half-year profits more than doubled on the back of higher metals prices, confirmed that AMCU had formally declared a wage dispute.
"The matter is being dealt with through internal dispute resolution mechanisms," Amplats spokeswomen Jana Marais said.
If an internal resolution is not reached the matter could then be referred to resolution body the Commission for Conciliation, Mediation and Arbitration (CCMA).
Precious metals producer Sibanye, however, fell into the red in the first half of its 2019 financial year after a five-month strike by AMCU at its South African gold operations hit production.
Sibanye could not be reached for comment.
Despite higher metals prices, South African producers are still warning that if wage hikes were unsustainable it could hit jobs and production.
The industry is still reeling from a 2014 strike that cost billions and forced firms to cut jobs and close mines after a supply glut weighed on platinum prices. (Reporting by Tanisha Heiberg; Editing by Himani Sarkar and Susan Fenton)