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Ackerman warns against devaluing the rand |
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Written by VUYO MBULI
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Wednesday, 28 July 2010 13:42 |
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Pick n Pay chairman Gareth Ackerman on Wednesday warned against any intervention to devalue the South African currency. Trade union federations Cosatu and the Federation of Unions of SA (Fedusa) have called for a change of the country's economic path to ensure the creation of more sustainable jobs by devaluing the rand. Last year, Cosatu secretary general Zwelinzima Vavi said the union need an exchange rate that will make rand go back to R10 against the dollar in order to help boost the country's manufacturing sector. The rand gained about 30 percent against the dollar last year.
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Last Updated on Wednesday, 28 July 2010 13:45 |
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Unemployment increases in second quarter |
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Written by MBUYISI MGIBISA / Business Correspondent
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Tuesday, 27 July 2010 11:55 |
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Statistics South Africa reported on Tuesday that the country's official jobless rate increased slightly to 25.3 percent in the second quarter of 2010 from 25.2 percent in the first quarter. Stats SA's latest quarterly Labour Force Survey showed that the total number of unemployed people increased slightly to 4.312 million in the three months to June from 4.31 million in the previous quarter.
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Outcomes Based formula not good for Education, but good for service delivery |
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Written by VUYO MBULI
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Friday, 23 July 2010 15:34 |
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In the wake of the dramatic announcement by Lower Education Minister Angie Motshekga to drop Outcomes Based Education, South African President Jacob Zuma has announced that his government would adopt an outcomes based approach to improve service delivery. Zuma was speaking at the end of Cabinet's July Lekgotla in Pretoria. Zuma said "planning issues at the lekgotla were presented within the framework of the outcomes approach, which has been adopted to change the way government works to improve service delivery". In his address Zuma said in the past government failed to make sufficient progress on important projects because too many things were targetted, He said "for this reason, the January Cabinet Lekgotla decided that focus would be on the achievement of 12 outcomes".
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Last Updated on Friday, 23 July 2010 15:59 |
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6 fold profit increase at Angloplat |
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Written by MBUYISI MGIBISA / Business Correspondent
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Monday, 26 July 2010 10:01 |
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The world's number one producer of precious metal Anglo Platinum said on Monday that it has reported a six-fold increase in its first-half profit aided by higher metal prices. Anglo Platinum is a unit of global miner Anglo American. The firm said it expected to refine and sell a total of 2.5 million ounces of platinum and it would keep unit cash costs per equivalent refined platinum ounce around last year's levels. It said its headline earnings for the six months to end-June rose 532 percent to 2.6 billion rand.
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Last Updated on Monday, 26 July 2010 10:03 |
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Written by MBUYISI MGIBISA / Business Correspondent
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Friday, 23 July 2010 14:17 |
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The world's biggest diamond producer, De Beers, has announced the resignation of its chief executive officer Gareth Penny with immediate until his placement is appointed. In the meantime, the Chief Financial Officer Stuart Brown and Chief Commercial Officer Bruce Cleaver will act jointly as CEOs, the company said. The 47-year-old Penny joined De Beers' then parent company Anglo-American as management trainee in 1988. In 2001, he was appointed director, sales & marketing for De Beers' subsidiary the Diamond Trading Company. In 2003, he joined De Beers' main board and was appointed group CEO. "Gareth Penny has advised the board that he believes it is an appropriate time for him to step down," a statement said.
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Last Updated on Friday, 23 July 2010 14:22 |
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