Although house prices in certain areas have seen a decline, you still need to make sure your house insurance provides for replacement costs rather than property costs. Debbie Donaldson of FNB Insurance Brokers says that, while house prices may be under pressure, building costs are increasing.
The statistics on credit extension in South Africa are illuminating and startling. In 2002 R289-billion worth of credit was extended to households. In 2006 that figure soared to R680-billion — more than double the volume of credit in a four-year period. Today the amount of credit granted has spiralled to about R1,1-trillion in total.
Xenophobic attacks in some areas of South Africa were organised and planned beforehand, but probably as a result of local tensions rather than a “third force”, says Minister of Intelligence Ronnie Kasrils. “There is no intelligence at this stage to suggest that the attacks were orchestrated by some hidden hand manipulating the events,” he said.
The Department of Foreign Affairs on Friday confirmed that three South Africans have been arrested in Zimbabwe. In a statement, the department said the men were due to appear in court and it would render assistance to the detainees as required. On Tuesday Deutsche Presse-Agentur reported that three people, two of them South Africans, had been arrested in Zimbabwe.
South Africa has experienced the highest rate of food-price inflation since January 2003, the National Agricultural Marketing Council said in its quarterly food price monitor on Thursday. From April 2007 to April 2008 the increase in the Consumer Food Price, as reported by Stats SA, was 15,7%.
President Thabo Mbeki has brushed off criticism that he failed to show compassion by not visiting areas affected by violent attacks against foreigners around the country, the South African Broadcasting Corporation reported on Thursday.
Zimbabwean President Robert Mugabe will never vacate his office for opposition leader Morgan Tsvangirai even if he loses a run-off election next month, his wife said Thursday. Grace Mugabe told followers of her husband’s Zanu-PF party that Tsvangirai’s Movement for Democratic Change would not be allowed to take power under any circumstances.
Zimbabwean President Robert Mugabe said on Thursday his government had bought 600 000 tonnes of maize to ease food shortages ahead of a June 27 presidential election run-off. Zimbabwe, once home to a prosperous agricultural sector, is suffering chronic food shortages.
Sasol on Wednesday announced the 50 black groups which will share in its R28-billion black economic empowerment (BEE) Inzalo transaction. They included energy and mining women’s groups, Sasol business suppliers, customers, franchisees and trade union investment companies, groups conducting skills and community upliftment projects, and professional associations.
India’s Reliance Communications is prepared to pay a significant premium for control of South African mobile phone group MTN, the FT Alphaville website said on Thursday. MTN and Reliance said on Monday they were in exclusive talks after India’s biggest mobile phone operator Bharti Airtel broke off talks.