The health of an economy is measured by its profitability. This is true for any economy in which the private sector dominates. Declining profitability leads to a drop in investment and, hence, lower employment. When considering what drives growth and unemployment in the long run, we need to look at the evolution of profits and capital accumulation.
Malawian civil society has welcomed tax reforms and subsidies for agricultural inputs in the 2005/06 budget that will ease the burden of small-scale farmers plagued by poor harvests again this year. Unveiling the budget on Friday, Finance Minister Goodall Gondwe described the reforms as an attempt to "improve the economic buying power of individual Malawians".
Old Mutual MD Roddy Sparks epitomises the company’s energy. On Thursday the insurance giant threw a big bash to celebrate 160 years of existence. Yet, with its new-found empowerment partners, the company has confidently branded itself the "New Mutual". Well, there is nothing like acquiring a young partner to make one feel new again.
Suresh Chandra Pandey’s mutilated body was discovered more than a year ago, less than half a mile from his mud and stone house in the sleepy village of Nunnar, about 350 kilometres south-east of Delhi. It was a violent execution-style killing; the 50-year-old farm labourer was hung up, shot in the chest and finally had his arms removed from the elbow joints.
A jury on Monday cleared pop star Michael Jackson of child sex abuse and other charges that could have seen him jailed for more than 18 years at the end of a sensational 14-week trial.
Ministers and deputy ministers of eight Southern African Development Community countries have committed themselves to working towards a ”uni-visa” for the region by 2010. ”We need much more free movement of people,” said South African Environment and Tourism Minister Marthinus van Schalkwyk.
Debt relief to the world’s poorest nations must be accompanied by increased development assistance, which in turn requires greater transparency, Finance Minister Trevor Manuel said on Monday. Manuel welcomed a decision of the Group of Eight industrialised nations to write off the multilateral debt of 18 poor countries.
The Modjadji Royal Council confirmed on Monday the death of Rain Queen Makobo Modjadji of the Balobedu people in Limpopo. Modjadji was admitted to the Medi-Clinic in Polokwane on Friday, and died on Sunday. Council spokesperson Clement Modjadji would not reveal the cause of death, saying: ”We are not yet in the know”.
They might not be camping on the peaks of Mount Kilimanjaro, but Ghana’s Black Stars have simulated altitude conditions in Kenya not unlike those that will confront them at Johannesburg’s FNB Stadium for the crunch World Cup qualifying game against Bafana Bafana on Saturday.
Sasol and the leaders of three major South African labour unions on Monday signed a ”groundbreaking” charter in Johannesburg to improve safety within the company. According to Philip Buys, general secretary of Solidarity, 14 people have been killed and more than 300 injured at Sasol plants over the past 18 months.