South Africa’s current-account deficit swelled to 7,8% of gross domestic product (GDP) in the fourth quarter of 2006 on a surge of oil imports and higher service payments, the central bank said on Thursday. The shortfall widened from a revised 5,7% in the third quarter and 6,1% in the second quarter, bringing the deficit for the year to 6,4% of GDP, the highest yearly gap since 1981.
The robust performance of the South African economy during the past three years paved the way for significant employments gains, according to the South African Reserve Bank’s (SARB) quarterly report released on Thursday. Employment growth in the public sector marginally outpaced employment gains in the private sector.
Household debt relative to disposable income reached a new high of 73,75% in the fourth quarter of 2006, the South African Reserve Bank said in its quarterly bulletin released on Thursday. The gross savings ratio as percentage of gross domestic product declined to 1,5% in 2006 from 1,75% percent in 2005.
European Union states called on Wednesday for closer international surveillance of human rights in Darfur after a United Nations-commissioned report largely blamed the Sudanese government for continuing war crimes there. In a proposal to the UN Human Rights Council, they said a team of experts should be formed to keep pressure on Khartoum.
On Zimbabwe I consider myself a fence sitter when it comes to Zimbabwe. Notwithstanding who and what the fallen hero Robert Mugabe has become, the transformation in land ownership that he has directed and overseen in Zimbabwe is truly revolutionary and could not have been achieved by any other means. My work allows me to […]
The JSE was powering ahead in noon trade on Thursday fuelled by stronger world markets and higher commodity prices. News of a wider-than-expected current-account deficit — which stoked fears of future interest-rate hikes — and a stronger rand did little to slow the JSE’s ascent.
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Former deputy president Jacob Zuma made a surprise appearance as the battle over the release of documents from Mauritius got under way in the Pietermaritzburg High Court on Thursday. A small group of Zuma supporters was outside the court and a media scramble ensued as Zuma entered the court room.
Specialist banking group Investec said on Thursday that it is on track to deliver a strong performance for the current financial year. Investec group CEO Stephen Koseff told an investor briefing that operating fundamentals across the dual-listed group have continued the trends seen in the first half.
A one-day extension on Thursday failed to kick-start stalled six-party negotiations on ending North Korea’s nuclear weapons programme, with the chief North Korean negotiator apparently on his way back to Pyongyang. The talks were likely to be suspended following an unexpected delay in the transfer of frozen funds from a Macau bank.
A passenger on a Mango airline flight was arrested at OR Tambo International Airport in Johannesburg on Thursday for allegedly telling a flight attendant he was in possession of an explosive device, the company said. The incident caused the flight to Durban to be delayed by 18 minutes on Thursday morning.