Like so many others in search of the blinding truth behind a current news story, I had no success in making contact with anyone in Hertzogville who could give me more than vague details about the lengthy pre-burial afterlife of Oom Paul Meintjes. A few local residents were willing to talk about their feelings of shock and outrage at the incalculable harm the story has brought upon the Hertzogville Christian community.
Reserve Bank Governor Tito Mboweni’s surprise rate cut last week jolted markets out of their slumber and provoked a noisy stir among financial journalists who had been lulled by a series of non-events at his media conferences. Much of the coverage has missed the central drama of the announcement.
Producer inflation for July grew more slowly than in June, while consumer inflation was lower than expected, Statistics South Africa figures showed this week. The figures point to a positive inflation outlook for the rest of this year. On Thursday, Statistics South Africa reported that the producer price index (PPI) grew by 0,7% for the year to July, down from 1,2% in June.
South Africa’s retail spending boom is likely to continue for at least the next 12 months — but could last longer if the economy enjoys broad-based, job-creating growth, say two leading analysts. Dennis Dykes, chief economist at Nedcor, and Evan Walker, retail analyst at Andisa Capital, also see the rapid depreciation of the rand as the greatest threat to the spending splurge.
The argument about whether Reserve Bank Governor Tito Mboweni’s half a percentage point rate cut was justified, or whether he was pushed politically, misses the point (Thebe Mabanga’s Market Buzz). Monetary policy, used in isolation from other economic measures, is a blunt instrument. Monetary policy can work against inflation, but its side effects can be almost as bad as the original problem.
Trade union and government negotiators in the public service remain light years away from a settlement, raising the real prospect of another pay strike involving up to a million public servants next week. "This is not a fight that we are going to end up losing," said Fikile Hugo. "It may take us the three years of the intended three-year agreement, but it’s something we will pursue."
Far from rescuing our economy, as Robin Friedland suggests, "Old King Coal" (<i>Mail & Guardian</i>) is an obstacle to a rational energy policy and public-interest electricity pricing. Friedland’s justification of more coal-fired power stations ignores energy efficiency, including conservation, and fails to distinguish between energy costs and market prices, writes Richard Worthington.
The triumphant Springbok rugby team has demonstrated an extraordinary talent for winning in recent months. It has shown a determined flair, a focused exuberance, that has come like rain to the parched sporting hopes of the hinterland. But more importantly, it has proved that a coach needs to coach.
A mortar barrage hit the main mosque in the Iraqi city of Kufa on Thursday, killing 27 people and wounding 63 others as they prepared to march on the violence-wracked city of Najaf, hospital officials and witnesses said. Hours after the attack, unidentified gunmen opened fire on thousands of Shi’ite Muslim marchers heading to Najaf, killing at least one, witnesses said.
Alwyn Myburgh struck seventh place as world high-jump champion Hestrie Cloete celebrated her 26th birthday with 800m runners Mbulaeni Mulaudzi and Hezekiel Sepeng as they won their way into Olympic finals on a night of high passion at the Olympic Stadium in Athens on Thursday night.