cosatuBusinessLive reports that labour federation Cosatu on Wednesday welcomed the imminent signing into law of the Competition Amendment Bill, saying it would, among other things, promote investment and lead to a reduction in prices in the SA economy.  

The aim of the bill, which was adopted by parliament late in 2018, includes giving the competition authorities and the government more power to tackle high levels of economic concentration.  It is also meant to tackle the limited transformation of the economy and the abuse of market power by dominant firms.  “Cosatu strongly supports this progressive, anti-monopoly legislation as it will help open up the economy, ensure greater competition, lower prices and spur badly needed economic growth.  Workers are tired of being exploited by monopolies and seeing their meagre wages being squeezed dry by ridiculous prices,” said Tony Ehrenreich, Cosatu’s deputy parliamentary office co-ordinator.  Opposition parties objected to various proposals in the bill, including criticism that it gave too much power to the economic development minister.

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