Let's Talk Afro-Geopolitics III: ANC, Labour, Unemployment and the future of South Africa

[Akata Man Bromo]

THE EFF WANTS THE ZULU KING'S LAND!

 

[Akata Man Bromo]

THE EFF WANTS THE ZULU KING'S LAND!

Dude is talkin that talk Its funny hearing him talk about pick n pay because I went in there looking for eggs when I wanted to cook breakfast in capetown lol place was PACKED.

 

[The Odum of Ala Igbo]

Dude is talkin that talk Its funny hearing him talk about pick n pay because I went in there looking for eggs when I wanted to cook breakfast in capetown lol place was PACKED.

 

[The Odum of Ala Igbo]

 

[Bawon Samedi]

Both the ANC and White South Africans are TERRIFIED of the EFF.

Julius leaving the ANC is probably the worst thing that could happen for them. This is why multiple parties are important because we get things like Zimbabwe or Tanzania.

 

[The Odum of Ala Igbo]

South Africa proposes 5% black ownership in mining in mining firms
http://www.africanews.com/2018/06/1...nt-black-ownership-in-mining-in-mining-firms/

Agreeing a new version of the charter is seen as instrumental to securing further investment in the mining sector, which new President Cyril Ramaphosa has made a priority.

The charter, published for public comment before being refined into law, is part of South African affirmative action rules that aim to reverse decades of exclusion under apartheid.

A new addition to the latest charter is that at least 50 percent of the seats on mining company boards will have to be allocated to black South Africans, and that at least 20 percent of those must go to black women.

For new mining right applicants, they must have a minimum of 30 percent black shareholding before securing the permit, according to the draft.

 

[The Odum of Ala Igbo]

Gold Street: where South Africa's mining history goes to die

"These people can't find jobs, just like me," Selemela, 34, said under the winter sun, wearing a torn, dirty Chelsea soccer club shirt and jeans that hung loosely on his thin frame. "They try at the retailers, but there is nothing available there. They are employing fewer people because people are buying less. There's no money."

More than 6 million people are unemployed and looking for work, taking the jobless rate to about 28 percent, a 15-year high. This excludes 2.5 million discouraged job seekers.

also

The newer platinum industry has its own problems. Producers are closing shafts and cutting thousands of jobs because a stronger rand and stagnating prices are squeezing profit margins. At the same time, reduced demand for diesel engines and the rise of electric cars threatens to erode the need for the metal, which is used in converters that control emissions in diesel-fueled vehicles. About 41 percent of platinum used last year was for this purpose, according to research from Johnson Matthey, one of its top refiners.

"The industry is in crisis," said Chris Griffith, CEO of Anglo American Platinum, the world's largest producer. "It's a chicken-and-egg situation. You need to invest yourself out of this situation by investing in growing demand."

 

[The Odum of Ala Igbo]

 

[The Odum of Ala Igbo]

 

[The Odum of Ala Igbo]

 

[The Odum of Ala Igbo]

 

[AB Ziggy]

South Africa stumbles into a recession

Gina Heeb
Sep. 4, 2018, 09:03 AM

Reuters/Jorge Silva

• South Africa's economy entered a recession for the first time in nearly a decade.
• Gross domestic product fell 0.7% in the second quarter, dragged down by weak performance in the agricultural sector.
• The South African rand plunged more than 2% following the report.

South Africa's economic growth slowed unexpectedly in the second quarter, pushing the country into a recession for the first time since 2009.

Gross domestic product in Africa's most developed economy fell by 0.7% from April to June, the national statistics agency said in a report Tuesday, compared with expectations for 0.6% growth. That followed a 2.6% contraction in the previous quarter.

The contraction was partly driven by weak performance in the South African agricultural sector, which declined by 11% after a major drought affected parts of the Western Cape earlier this year. Meanwhile, the trade and transport sectors also saw output declines.



Jason Tuvey, a senior emerging markets economist at Capital Economics, said he expects economic conditions to improve over the rest of this year.

"Today’s data will further dent hopes that Cyril Ramaphosa’s presidency would lead to a marked turnaround in South Africa’s economic fortunes," Tuvey said.

The South African rand, which has been under pressure throughout the last several months, extended losses following the report. The currency fell as much as 2.6% to 15.2268 against the dollar. Yields on rand-denominated government bonds spiked 22 basis points to 9.22%, the highest level since Ramaphosa was elected leader of the ruling African National Congress in December.

 

[The Odum of Ala Igbo]

South Africa stumbles into a recession

Gina Heeb
Sep. 4, 2018, 09:03 AM

Reuters/Jorge Silva

• South Africa's economy entered a recession for the first time in nearly a decade.
• Gross domestic product fell 0.7% in the second quarter, dragged down by weak performance in the agricultural sector.
• The South African rand plunged more than 2% following the report.

South Africa's economic growth slowed unexpectedly in the second quarter, pushing the country into a recession for the first time since 2009.

Gross domestic product in Africa's most developed economy fell by 0.7% from April to June, the national statistics agency said in a report Tuesday, compared with expectations for 0.6% growth. That followed a 2.6% contraction in the previous quarter.

The contraction was partly driven by weak performance in the South African agricultural sector, which declined by 11% after a major drought affected parts of the Western Cape earlier this year. Meanwhile, the trade and transport sectors also saw output declines.



Jason Tuvey, a senior emerging markets economist at Capital Economics, said he expects economic conditions to improve over the rest of this year.

"Today’s data will further dent hopes that Cyril Ramaphosa’s presidency would lead to a marked turnaround in South Africa’s economic fortunes," Tuvey said.

The South African rand, which has been under pressure throughout the last several months, extended losses following the report. The currency fell as much as 2.6% to 15.2268 against the dollar. Yields on rand-denominated government bonds spiked 22 basis points to 9.22%, the highest level since Ramaphosa was elected leader of the ruling African National Congress in December.

Disastrous. The country is in serious trouble and no one is seriously thinking about reforming its political economy. South Africa shouldn’t be performing like this.

 

[The Odum of Ala Igbo]

 

[The Odum of Ala Igbo]