South Africa's Minister of Labour Membathisi Mdladlana said on Thursday at the 19th Annual Labour Law Conference in Sandton that the recent importing of skills by Sasol indicated that it was not just job creation that was a fundamental problem in South Africa, but also a shortage of skills.
South Africa's production price index (PPI) for May 2006 was slightly better than forecast, but the historic nature of these statistics are not likely to fool the market. PPI for May was recorded higher at 5,9% from 5,5% before and 0,4% up from 0,1% on a monthly basis.
The recent hawkish statements by the central bank on inflation seem to have been backed up as the consumer price index excluding mortgage rate changes for metro and other areas, which is used by the South African Reserve Bank for its inflation target, was up 4,1% year-on-year (y/y) in May after a 3,7% y/y increase in April, according to Statistics South Africa numbers on Wednesday.
Tradition, the world's third-largest interdealer broker, is entering the fray in the South African marketplace. It says South Africa offers real potential for their business, but also feels it is unfair that the country suffers under the weight of its emerging-market status.
A deadlock has resulted in the aftermath of the recent pensions funds adjudicator case against Old Mutual. The adjudicator ruled against Old Mutual in late May in regard to the deduction of a benefit paid to a client on early withdrawal from an endowment policy.
The recent 50 basis point rate increase in South Africa has had mixed responses across the board, but none more so than among foreigners, who have seemingly started voting with their feet. Brait economist Colen Garrow says non-residents have been sellers of equities for four consecutive days now, and this needs to be monitored.
The JSE Limited's listing attracted plenty of interest on Monday as the exchange now joins an elite club of listed bourses worldwide. Examples of bourses that have listed on their own exchanges include the London Stock Exchange, the New York Stock Exchange, Deutsche Borse, Nasdaq, Euronext and the Australian Stock Exchange.
The South African Revenue Service (Sars) reported that in less than 24 hours since the electronic filing facility for individuals went live on the internet, more than 1 500 taxpayers logged onto their website to register as users or to submit their income tax returns.