A mammoth vote count was in swing in the Democratic Republic of Congo on Monday after the war-ravaged country’s first free elections in 46 years. Current President Joseph Kabila is the favourite to win but the DRC, and neighbours with vast vested interests, will have to wait until August 31 for the result of Sunday’s first-round vote.
A retail development bond could be the perfect vehicle to develop South African small and micro-business and low-income housing while, at the same time, providing retail investors with market-related returns. Although socially responsible investing is well understood in South Africa there is an enormous gap in funding available for projects under R3-million.
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Jacob Zuma’s corruption trial was adjourned until September 5 after a short session at the Pietermaritzburg High Court on Monday. Judge Herbert Msimang did not accept state prosecutor Wim Trengove’s assertion that it should be postponed till September 7 because colleague Anton Steynberg would be overseas at a conference.
South Africa promised on Monday to bounce back from a record 49-0 drubbing by the Wallabies and fight to win this week’s Tri-Nations clash. The Springboks were humiliated two weeks ago when they failed to score against Australia in Brisbane and now sit at the bottom of the table.
South Africa’s official opposition Democratic Alliance (DA) says it will try to establish exactly which Members of Parliament are — or were — indebted to Parliament for the improper use of air travel vouchers. Chief whip Douglas Gibson said it appeared that some thought the scandal should be swept under the carpet.
The JSE remained in positive territory just after midday on Monday, but was well off its highs mainly due to weakness in European markets. Platinum stocks led the JSE’s upside helped by a higher platinum price and positive results from AngloPlat. By 12.13pm, the all-share and all-share industrial indices added 0,25% and 0,26% respectively.
Despite an increase in interest rates on June 8, money-supply numbers for June, published by the Reserve Bank on Monday, showed little impact of a slowdown in demand and raised the spectre of a definite rate rise on Thursday. "June’s year-on-year M3 growth, at 23,07%, remains high," said research house RLJP.
Villagers flying white flags from cars, buses and pickup trucks flooded out of south Lebanon on Monday after United States Secretary of State Condoleezza Rice won from Israel a brief suspension of devastating air strikes. Rice said she believed a ceasefire to end the 20-day war between Israel and Hezbollah guerrillas could be forged this week, but some fighting went on.
Mortgage advances by the monetary sector increased by 29,8% year-on-year in June 2006, which is down from the 30% level it has hovered at since March to May, and potentially indicates the early stages of a downward trend in demand for housing, according to analysts.
Cape Judge President John Hlophe on Monday acceded to a defence proposal to postpone Parliament’s Travelgate trial. Hlophe postponed the case to October 17. Twenty-eight people — 23 current and former MPs and five travel agents — are in the dock for the alleged defrauding of Parliament of about R24-million.