No image available
/ 19 February 2008

Sin taxes to go up again, as usual

South African Finance Minister Trevor Manuel is expected to announce the usual sin-tax increases on alcohol and tobacco when he makes his national budget speech on Wednesday. Economists said on Tuesday that they wouldn’t be surprised to hear Manuel announce an increase in taxes on these products.

No image available
/ 19 February 2008

Behind the personal politics of science

They treat their Nobel prize winners rather differently in the United States. Forty-five years after winning the Nobel prize — along with British scientists Francis Crick and Maurice Wilkins — for discovering the structure of DNA, James “Jim” Watson is still regarded in the US as quasi-royalty.

No image available
/ 18 February 2008

Turn talk into action, ID tells Manuel

Finance Minister Trevor Manuel’s national budget on Wednesday should "turn talk into action", the Independent Democrats (ID) said on Monday. "Our economy is faced with a number of constraints, from the looming threat of a global recession … to the domestic energy crisis," ID spokesperson Schalk Lubbe said.

No image available
/ 18 February 2008

All eyes on Manuel ahead of Budget

Finance Minister Trevor Manuel’s national budget speech on Wednesday is even more keenly anticipated this year in view of the electricity crisis and its anticipated negative effects on the economy, and Democratic Alliance spokesperson Kobus Marais has urged Manuel to tackle the crisis head-on.

No image available
/ 18 February 2008

Chinese firm wins big Libyan railway contract

A Chinese contractor has won bids to build two railways in Libya worth a combined $2,6-billion as China enhances its economic presence in energy-rich African nations. Under one contract, China Railway Construction, the firm that built part of the railway to Tibet, would construct a 352km west-to-east coastal railway.

No image available
/ 18 February 2008

‘It’s life, I borrowed it’

In Ekurhuleni, Sibongile* supports three young children while clutching at a safety net of informally occupied land. After losing her employment as a domestic worker and the accommodation that came with it, she needed to keep a foothold in the city. Like most people in the Somalia informal settlement she is acutely aware of how tenuous her claim to the land is, but says: "It’s life, I borrowed it."

No image available
/ 17 February 2008

Turbulence for global aviation

Tough times are ahead for global aviation despite a return to profit last year, with many airlines mired in debt, rising fuel bills and fears of a looming United States recession, industry officials said on Monday. The global aviation industry returned to profitability in 2007 but earnings of $5,6-billion were only less than 2% of $4900-billion in revenue.

No image available
/ 15 February 2008

We, the zombies

This is why you should encourage your kids to cross their fingers behind their backs while placing their hands on their hearts and reciting the new Pledge of Allegiance: Size matters. It’s three times the length of the American one.

No image available
/ 13 February 2008

New strike hits World Cup venue

Workers at one of the stadiums due to host the 2010 Soccer World Cup have downed tools in the latest pay strike to threaten tight construction deadlines, their union said Wednesday. Work on the Mbombela Stadium outside Nelspruit has been frozen since Monday lunchtime, George Ledwaba of the National Union of Mineworkers said.

No image available
/ 13 February 2008

IEA: Oil market could be set for lengthy slowdown

The world oil market could be set for a lengthy slowdown, the International Energy Agency (IEA) said on Wednesday, signalling a sharp shift in the climate that pushed the oil price to $100 last month. "Just as the demand shock of 2004 shaped the oil market for the next three years, so too could the pending slowdown," the IEA said in its monthly review of oil trends.

No image available
/ 13 February 2008

Rio Tinto’s annual net profit falls

The world’s third-largest miner, Rio Tinto, said on Wednesday its full-year net profit fell almost 2% in 2007 to $7,312-billion as it again rejected a takeover bid by rival BHP Billiton. But underlying profit rose 1,4% from 2006 to $7,443-billion as the firm said it produced record amounts of iron ore, bauxite, aluminium, gold and copper.

No image available
/ 13 February 2008

February 1 to 7 2008

Let’s vote on Scorpions One can understand the ANC’s need to heal divisions and consolidate one centre of power, but can the country afford to drain the baby with the bathwater? So I repeat the question posed by Sunday Times editor Mondli Makhanya: Why the haste? What’s the rationale for the seeming desperation to ‘lose” […]

No image available
/ 13 February 2008

Inside the assessment process

In this article the results of the surveys of the experiences of the interviewees during the audit visits to three institutions in 2005 are reported. But the audit visits should not be seen in isolation from the broader, multi-year, multi-phased audit process as a whole. "Audit" should therefore not be equated with "audit visit".

No image available
/ 12 February 2008

From Russia with malice

The Russian Federation is now a "superpower" of spam email, becoming the second-most-prolific country after the United States in producing junk emails, a computer security firm said on Monday. It accounts for "one in 12 junk mails seen in inboxes", according to security firm Sophos in its quarterly update on spam email.

No image available
/ 11 February 2008

Zimbabwe mining hit by skills flight

Zimbabwe’s mining sector has lost more than half its skilled personnel in the last year, with workers lured abroad by the chance of boosting their pay more than ten-fold, an industry body said on Monday. According to a new study carried out by the Chamber of Mines, there are now 1 116 vacancies for professional and technical staff following the departure of workers.

No image available
/ 11 February 2008

East Timor president ‘out of danger’

East Timor President Jose Ramos-Horta is "out of danger" and "recovering" following treatment in Australia after being shot in the stomach by rebels, the speaker of the country’s Parliament said on Monday. "According to the information we have, the president has been operated on and the bullet that was in his lung has been removed," Fernando de Araujo said.

No image available
/ 11 February 2008

Mbeki mulls future of Scorpions

The "specialist nature" of the Scorpions might well be retained, wherever the unit is finally located, President Thabo Mbeki said on Sunday. He said the government remained firmly committed to ensuring South Africa’s capacity to fight organised crime was enhanced, not reduced.

No image available
/ 11 February 2008

No way but down, say oil ‘peakists’

Records tumble as the oil majors release their annual results. The most profit made by any company ever: ExxonMobil’s $40-billion. Amid the noise about capital allocation and windfall taxes, there is a danger of missing the most important results of all. The oil and gas production of Shell, BP, ExxonMobil and Chevron is going down, not up.

No image available
/ 11 February 2008

Unsavoury debit order practices

Service providers, it appears, are taking management of our finances into their own hands by assuming that we are unable to make provisions for regular debit orders. This month two debit orders ran off our household account early. I noticed because they went off before pay day and as a result bounced.

No image available
/ 11 February 2008

Anatomy of a catastrophe

Eskom’s countdown to catastrophe began in 2000 when it had enough coal stockpiled to last 61 days. Last month, when it shut down the country’s mines, the stockpiles were down to less than three days’ supply. A deliberate policy began in 2000 to reduce the coal stockpile to better manage operating costs.

No image available
/ 11 February 2008

Ask not FFOOM the bell tolls

I’ve never really been taken in by the whole “men in dresses, beard and Kalashnikov” combo. The same goes for the awe and fear the image inspires in certain quarters. Then again, I’m no Salman Rushdie. I’ve been known to don the occasional burqa — but only for festive purposes, and not on pain of death.

No image available
/ 10 February 2008

‘Lucky’ coin keeps Els at the top

World golfing number four Ernie Els has been there and done that, and a "lucky" R5 coin has accompanied him throughout his golfing exploits on the world stage. The big South African revealed a superstitious side to his game during a clinic at the driving range on the sidelines of the Indian Masters.