Finance Minister Trevor Manuel on Tuesday defended inflation targeting as an economic management tool and hinted the government was still comfortable with a 3% to 6% percent target range for the main CPIX (consumer inflation less mortgage costs) gauge.
The JSE was taking a breather on Tuesday after its recent strong rally, which took the bourse to successive record highs, as some profit-taking set in. However, earlier the all-share index hit yet another fresh record high when it touched 33 263,148. At noon, the JSE’s all-share index was down 0,88%.
South Africa’s police and the African National Congress (ANC) intensified efforts on Tuesday to quell anti-foreigner violence that has killed at least 24 people and sent thousands of African immigrants into refugee shelters. Police have struggled for over a week to end the violent attacks on foreigners.
South African consumer foods and healthcare products group Tiger Brands plans to sell an additional 10% to black-economic empowerment (BEE) investors after the completion of the unbundling of its healthcare products unit, it said on Tuesday. "Post-unbundling, an additional broad-based equity deal of approximately 10% will be implemented," CEO Peter Matlare said.
The South African Broadcasting Corporation (SABC) board will appeal a high court ruling setting aside the suspension of chief executive Dali Mpofu, board chairperson Khanyi Mkhonza said on Tuesday. ”After careful study of the judgement, the board has identified areas of concerns that we believe can only be clarified through the legal process,” she said.
Despite a number of ongoing risks and structural imbalances in South Africa, the rand has a very good chance of strengthening impressively for the rest of this year and into 2009, say market analysts ETM. They say, however, that levels approaching 6,50 to the dollar — should they be reached — would probably be difficult to sustain.
President Thabo Mbeki on Monday reiterated his call for an immediate end to attacks on foreign nationals in Gauteng, which have left 22 people dead and up to 10Â 000 seeking refuge in shelters. ”Citizens from other countries on the African continent and beyond are as human as we are and deserve to be treated with respect,” the president.
It was touted to be a friendly, "inquisitorial" forum, but had all the elements of a bitter family feud where old comrades squared up in new battles. On the one side: the mandarins of the state and the political party that brought liberation, fighting to protect old networks of solidarity.
As the sun set on another bloody day of xenophobic violence in Gauteng on Monday, at least 22 people were reported dead, many more injured and 217 arrested for fierce attacks on both foreigners and local residents living in the greater Johannesburg area. Aid organisations were assisting thousands of refugees at civic centres and police stations.
Fidentia’s J Arthur Brown was currently receiving antiretroviral (ARV) treatment in a private clinic after allegedly being sexually assaulted by prisoners in a prison vehicle, the Cape Town Magistrate’s Court heard on Monday. Brown was arrested recently on charges of theft, fraud and money laundering.
South Africa’s Parliament approved a new internet gambling law to regulate an industry plagued by crime and vulnerable to money laundering, parliamentary papers showed on Monday. A memorandum attached to the National Gambling Amendment Bill said the interactive gambling industry was currently unregulated and ”generally plagued” by crime.
New Bafana Bafana coach Brazilian Joel Santana has not come to South Africa on a safari. At his first press conference at Johannesburg’s Safa House on Monday, he spelt out what he hoped to achieve during the 30 months that he will be in charge of the national team. ”I will do my talking on the training pitch,” he said.
Two weeks after the start of the xenophobic attacks in Gauteng, the government and police are still at a loss on how to handle the escalating violence. "The attacks keep on taking us by surprise. When we think the situation is under control something erupts somewhere else," an official from the Department of Home Affairs told the <i>Mail & Guardian</i> on Monday.
The headlines of the papers at the newsstand at the Bree Street taxi rank on Monday reflect the deadly xenophobic violence that spread around Johannesburg on the weekend. ”Violence flares up,” the Sowetan says. ”Flames of hate” is the headline of both the Star and the Times.
The South African Broadcasting Corporation (SABC) board said it disagreed with a Johannesburg High Court ruling on Monday, which set aside the suspension of CEO Dali Mpofu. Judge Moroa Tsoka said the entire matter was handled badly by board chairperson Khanyi Mkhonza.
The National Energy Regulator of South Africa has recommended that procurement of new private electricity generation be managed by a professional entity independent from power utility Eskom, a report showed on Monday. Eskom has struggled to satisfy rising demand for electricity in Africa’s biggest economy, resulting in power cuts.
His legs soaked in blood and with scorch marks running down his back, the young man is lifted on to a makeshift stretcher after another bout of deadly violence in South Africa’s so-called City of Gold. His eyes blink, filled with tears, as he shudders slightly and tries to move before police calm him down and say he is now out of danger.
Private security companies should be given more powers so that they could contribute meaningfully to the fight against crime, the Democratic Alliance (DA) said on Monday. DA spokesperson on safety and security Dianne Kohler Barnard said private security companies should be granted the same powers as the police when carrying out arrests and seizures.
Double-amputee sprinter Oscar Pistorius says the 2012 London Olympics may be a more realistic goal than qualifying for the Beijing Games. Pistorius has returned to South Africa following a Court of Arbitration ruling that cleared him to compete against able-bodied runners.
The Springboks may well have to do without the world’s number one scrumhalf, Fourie du Preez, in their first three Tests of the season, and the Blue Bulls could be without their top three scrumhalves when the Currie Cup kicks off on June 20. This follows confirmation that Springbok and Bulls scrumhalf Fourie du Preez has suffered a broken bone in his left hand.
South African stocks continued to run in record territory at midday on Monday, buoyed by miners on firmer metal prices while an upbeat mood in overseas markets added to the bullish tone. The market touched 33 116,051 during the session, an all-time high.
A wave of xenophobic attacks spread through Johannesburg townships on Monday. Mobs beat foreigners and set some ablaze in scenes reminiscent of apartheid-era violence. A total of 22 people have now been killed in the violence directed at immigrants around Johannesburg, which began a week ago.
Notwithstanding the strong demand for private healthcare, Netcare’s operations in South Africa are operating in an extremely challenging environment, the hospital group said on Monday. This environment was due to ”increased regulatory and cost pressures”, it said.
Public Enterprises Minister Alec Erwin would retire after the elections next year, a media report said on Monday. ”The minister would like to confirm that he would not be serving another term. His decision was taken long before the change in African National Congress leadership,” said his spokesperson Vimla Maistry.
The Johannesburg High Court on Monday set aside the suspension of South African Broadcasting Corporation (SABC) CEO Dali Mpofu. ”I rule that the meeting at which the decision was taken to suspend Mpofu was unlawful,” said Judge Moroa Tsoka.
Another foreigner has been killed in South Africa as a wave of xenophobic violence spreads across Johannesburg, bringing the weekend death toll to 13, police said on Monday. The violence against foreigners, who are accused by many South Africans of depriving locals of jobs and committing crime, has spread across townships since the beginning of last week.
Ajax Cape Town players slumped to the ground — many of them in tears — after drawing 2-2 with Golden Arrows at the King Zwelithini Stadium in Durban on Sunday, failing to score the goal that would have earned them the Premier Soccer League (PSL) championship, which instead went to SuperSport United.
Mamelodi Sundowns had their minds on Saturday’s Nedbank Cup final and paid the price when Free State Stars thumped the defending Premier Soccer League champions 4-0 in the final league fixture of the season. Meanwhile, Santos ended in third position on the league table after beating Platinum Stars 1-0, and Orlando Pirates beat AmaZulu 4-1.
As a fresh wave of severe xenophobic violence gripped Johannesburg on Sunday, with five people killed in the Cleveland area, hundreds fleeing to the safety of police stations and shops in the CBD looted, President Thabo Mbeki announced that a panel had been set up to look into the attacks.
"Downtown Johannesburg is a wasteland this Sunday. Marshall Street is criss-crossed with makeshift barricades of rusty barbed wire, tyres and chunks of concrete. In Main Street, shops have been literally disembowelled, their heavy-duty Jozi iron shutters wrenched off and their interiors cleaned out." <i>Mail & Guardian</i> reporters Nicole Johnston and Percy Zvomuya venture into the Johannesburg CBD.
The death of two Comrades Marathon runners last year could be a message from God that he was displeased with running the race on a Sunday, a Christian runner has suggested. Hansie Louw said in a statement at the weekend that he was asking all Christians to withdraw from the race.
Fraud suspect J Arthur Brown was allegedly raped in the back of a police van last week, the Sunday Times reported. Brown’s attorney, William Booth, said the former Fidentia boss — accused of theft and fraud involving hundreds of millions of rands — suffered an ”extremely humiliating” sexual assault.