KwaZulu-Natal residential property values are feeling the corrosive effects of rising interest rates and the nine-month-old National Credit Act, though certain areas are thriving, according to data released on Thursday. Figures for the first quarter of the year confirm a slowdown in actual sales and a marked decrease in house-price growth.
The Cabinet is concerned about ”collusive behaviour” in the food industry, leading to higher prices, government communications head Themba Maseko said on Thursday. Meanwhile, thousands of people were expected to take part in a protest against high food prices in Johannesburg on Thursday afternoon.
Building activity in South Africa continues to be negatively affected by the rising level of interest rates, high input costs and the slowdown in consumer demand. This trend will probably continue, as further monetary policy tightening is very likely, given that consumer inflation is expected to remain elevated for the rest of this year.
Harmony Gold Mining will receive a foreign-capital injection equivalent to R1,9-billion once all the conditions precedent in the $420-million transaction with the Pamodzi Resources Fund have been fulfilled, Harmony CEO Graham Briggs said on Thursday. A new uranium player, Rand Uranium, will be established.
The JSE was trading just off its new record high by midday on Thursday as world markets and resources continued to add support. In the morning session, the bourse broke through Wednesday’s record and hit a fresh high of 32 127.051 points. By midday, the all-share index had gained 0,8% to 32,112,15 points.
The South African Human Rights Commission is conducting an internal investigation into an incorrect media statement that said it would not pursue a complaint of racism against columnist David Bullard. ”The official position of the commission has never been that we are not taking up the matter,” said CEO Tseliso Thipanyane.
BHP Billiton has suspended all underground operations at its Khuthala Colliery following the death of one of its workers earlier this week, the company said on Thursday. South Africa’s National Union of Mineworkers said on Tuesday that a worker had died at the world’s biggest miner’s Khuthala Colliery, near Witbank, east of Johannesburg, after a fall of ground.
President Mahmoud Ahmadinejad on Thursday proclaimed Iran was the ”most powerful nation” in the world as the country’s air force boasted of its prowess at a time of mounting tension with the West. ”Iran is the most powerful and independent nation in the world,” Ahmadinejad told a military parade outside Tehran.
Two ATMs, one in Boksburg North and one in Brakpan, were bombed early on Thursday morning by gangs of about 20 people, Gauteng police said. Brakpan police spokesperson Captain Petros Mabuza said an ATM at the Dalview Shell garage was blown up after about 20 people held up garage staff at about 1.30am on Thursday.
Lack of game time, weak opposition and poor refereeing were all to blame for the All Blacks’ failure to win the Rugby World Cup last year, according to an independent review released on Thursday. The 47-page review detailed a catalogue of reasons why the team failed to live up to their billing as the world’s best.