South Africa's CPIX inflation (headline inflation excluding mortgage costs) was up 6,6% year-on-year for metro and other areas in July 2003 compared with 6,4% in June, Statistics South Africa said on Tuesday.
Contrary to the hopes of exporters, but in line with official policy, Metropolitan economist Rejane Woodroffe expects the rand to be stronger next year than this year. Her forecast is for the rand to weaken to R8,30 per dollar at the end of this year, but then strengthen to R7,80 at the end of next year.
The 2002 rate hikes were not solely or even mostly to blame for the slowdown in South Africa's economic growth rate, South African Reserve Bank (SARB) chief economist Ernie van der Merwe told a media briefing on Tuesday.
A senior Chinese minister warned recently that the world's fastest growing economy is in danger of overheating as expansion outstrips power supplies, threatens production quality and raises the risk of oversupply.
The South African government has signalled its intention, through new legislation currently before Parliament, to cap the number of retail petrol outlets based on consumption levels. It is estimated that about 2 000 of the existing 5 000 outlets are already unsustainable.
The JSE Securities Exchange South Africa was weaker at midday on Monday, taking its cue from world markets. Volumes were extremely light due to the bank holiday in the United Kingdom and dealers said that lack of liquidity was also playing a role in any moves.
Transtel and Eskom Enterprises, which will own the 30% state owned enterprises (SOE) stake in South Africa's proposed second network telephone operator (SNO), say the lack of certainty and inadequacy regarding certain issues surrounding the SNO lead them to believe alternative plans should be investigated.
After two months of declared disputes, failed compulsory mediation and a strong threat of a strike attempt, the Retail Motor Industry and the three relevant trade unions on Thursday ratified a new wage agreement for the sector.
The proposed amendments to the Skills Development Act is to ensure that Sector Education and Training Authorities (Setas) deliver on skills, Labour Director-General Advocate Rams Ramashia said on Tuesday.
The Sable oilfield, where the Petroleum Oil and Gas Corporation of South Africa (PetroSA) started pumping last week, holds out the possibility of being South Africa's biggest broad-based black economic empowerment deal yet.