The recent spate of strikes by the organised labour in South Africa could reverse the gains the country's economy has made following the devastating global economic recession which resulted in the loss of more than a million jobs, Moody's Analytics economists warned on Friday. Their call follows news that the country loses production of more than 2 100 vehicles a day due to the strike by over 30 000 workers in the automotive secto. The workers are demanding a 15% pay increase, which is well above the inflation rate. The carmakers have offered 7%.

The country's fourth-biggest construction company Group Five posted a 10 percent rise in full-year profit aided by its exposure to key public sector and resources markets, it said. Group Five said its diluted headline earnings per share (HEPS) for the year to end June rose to 561 cents. "The group's contracts for the South African public works programmes in transport, power and infrastructure associated with the 2010 Soccer World Cup contributed strongly (to profit), as well as African resources and energy contracts and Eastern European concessions," said Mike Upton (pictured), Group Five chief executive.