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.
Researchers in Europe have identified a handful of mosquito genes which the Science and Development Network says could be crucial in the control of the strain of malaria common in Africa. Focusing on the go-between — the mosquito — rather than the human victim could be the key, the team says. ”We now see a way to potentially stop the parasite in its tracks,” says a researcher.
There is a new breeding ground for future stars of the Premier Soccer League and Bafana Bafana — the Mvela Golden League, which starts this weekend. Dangerous Darkies versus Pietersburg Pillars will kick off the season at Kanyamazane stadium in Nelspruit on Saturday. The restructured league comprises 18 clubs.
The United States is to allow three British citizens and two British residents their first access to a lawyer since being imprisoned in Guantanamo Bay more than two years ago. The granting of a legal visit next Monday is being hailed as a key stage in trying to get the Britons freed from Guantanamo, where they have been held as suspected terrorists without charge or trial.