The South African Reserve Bank will likely raise interest rates at its next two meetings to rein in inflation that’s set to surge because of energy supply-side shocks caused by the war in Iran, BNP Paribas said.

A senior BNP Paribas SA banker who was fired for allegedly bullying his subordinates on the trading floor lost a €1.7 million ($2 million) unfair-dismissal award on appeal after judges drew on testimony from staffers.