THURSDAY, 11.00AM:
LATEST retail sales figures released by the Central Statistical Service show seasonally adjusted retail sales fell 5% in June to R11,5-billion under pressure from continued high interest rates. Clothing, textiles and footwear were particularly hard hit.
The slowing retail sales figures follow recent trends in manufacturing production, leading economists to warn that the slowdown may lead to a slowing in the overall economic growth rate, which may affect gross domestic product projections. They believe the unexpectedly strong second-quarter growth figures were an anomoly in an otherwise general economic slowdown. The only possible positive aspect is that new evidence of the slowdown may prompt the Reserve Bank to lower interest rates.
BUSINESS BRIEFS
‘CENSUS ACCURATE’ CENTRAL Statistical Service head Dr Mark Orkin said on Wednesday he is confident that the results of Census 96 are accurate. He said that apart for the CSS’s post-enumeration survey, several independent studies and reports had confirmed preliminary findings that SA’s population numbers about 37,9-million. He added the CSS is conviced most illegal immigrants were counted and estimated that they number between 500 000 and 1,5-million.
MADUNA UNDER FIRE AGAIN MINERAL and Energy Affairs Minister Penuell Maduna came under fire again in Palriament on Wednesday for his private audit of the Strategic Fuel Fund when his deputy, Susan Shabangu, told the National Assembly the yet-to-be-completed report had so far cost R776 875,20. She said Maduna had budgetd R1-million for the audit, for which he hired accounting firm Nkonki Sizwe Ntsaluba without any reference to tender board procedures. Maduna is in Switzerland, accompanying President Nelson Mandela on a state visit.
LEEUDOORN RETRENCHES GOLD Fields of SA has been forced by the low gold price and adverse geological conditions to embark on a major downscaling of its Leeudoorn gold mine, which will result in the loss of 2 800 jobs, or 41% of the workforce, the company said on Wednesday. Leeudoorn, a division of Kloof mine on the West Rand, has been marginal for some time, and had recently been sustaining losses of R10-million a month.
CALL FOR BINGO BIDS THE Gauteng Gambling and Betting Board on Wednesday called for applications for bingo licences. Application forms will be available from the board’s Pretoria offices from Friday, with the closing date for applications December 1.
$100m WATER PROJECT LOAN THE Trans-Caledon Tunnel Authority, which operates the SA portion of the $4-billion Lesotho Highlands Water Project, on Wednesday signed a $100-million loan deal in London. The laon, at 32,5 basis points over the London Interbank Offered Rate, will be used to refinance certain foreign debt, and other business needs.