The first quarter of 2006 has seen the South African market once again setting a blistering pace. Despite the massive 195% that the JSE is up after the lows of March 2003, the market is showing no signs of abating, rising 13% in the first quarter alone. This should not come as a huge surprise.
The persistent global build-up of dollar reserves by central banks in the face of ongoing United States foreign trade deficits is likely to boost the demand for gold, says Absa’s chief economist. "As dollar reserves keep rising, central banks are becoming exposed to the danger that, at some stage in the future they will not be able to mobilise these dollar reserves if they decide to do so."
Although earnings growth numbers for JSE-listed shares appears to be peaking, earnings growth rates should be sufficient over the next two years to support share price increases of, on average, 10,5%, says Absa chief economist Christo Luüs. "This could occur even if moderately lower valuations are assumed."
In car-industry terms, the listed property sector has just survived a high-impact "crash test" and demonstrated its built-in strength, according to Mariette Warner, head of property funds at Stanlib Asset Management. The crash test was laid on by South African Reserve Bank Governor Tito Mboweni in late March with his comments on inflation and hints of higher interest rates.
Two buses were set on fire by a mob and about eight others damaged by stone throwing in Cape Town’s Khayelitsha before dawn on Thursday as the Congress of South African Trade Unions’ national strike got under way. Golden Arrow Bus Services spokesperson Vuyisile Mdoda said the incidents were reported to the company at 6am.
Sudan is open to discussing a role for the United Nations in bringing peace to the troubled Darfur region following a recent peace accord, Sudanese Foreign Minister Lam Akol said on Thursday. "The conclusion of a peace agreement created a new situation," said Akol. "We, as representatives of the Sudanese government, are ready for dialogue with the UN."
Winter is a time for cold snaps, occasional power failures and a seasonal increase in the incidence of household geyser problems. Homeowners are well advised to step up their "geyser guard" at this time of year. Water damage following a geyser burst can cost more than a new geyser and its installation.
Fienie Grobler, the new editor of <i>The Media</i> magazine, speaks to the <i>Mail & Guardian Online</i> about media reporting.
After writing an autobiography that sold millions of copies and earned him a hefty advance, former United States president Bill Clinton has struck a deal to write another book. Alfred Knopf will publish the new work, in which Clinton will focus on public service and individual citizen activism, telling a story that he hopes will ”lift spirits” and ”touch hearts”.
A vaccine that blocks infection by four types of human papillomavirus could cut global deaths from cervical cancer by more than two-thirds, its manufacturer said in seeking federal approval. Merck wants Food and Drug Administration approval for its Gardasil vaccine against the two of those four types of human papillomavirus, or HPV, believed responsible for about 70% of cervical cancer cases.