Many in SA will lose their jobs

Weaker economic growth has slashed hiring in the formal sector in the past quarters.

There are already 37 000 fewer workers in the motor industry, says Willem Schroeder, general secretary of the Motor Industry Bargaining Council (Mibco).

Statistics from the Textile Federation of South Africa and the National Bargaining Council for the Clothing Manufacturing Industry indicate a loss of 8 000 posts in the clothing and textile industry over the past year.

Another 8 000 to 10 000 jobs are expected to be shed by the industry in the year ahead.

The Chinese quota system, little support from the government and higher input costs are advanced as the main reasons for the losses. Analysts reckon the economic downturn has been the catalyst causing the industry to unravel.

In the manufacturing sector as a whole it is uncertain how many jobs are under threat. This sector certainly provides more than 1.7m people with work, and the February manufacturing figures from Statistics South Africa (SSA) last week do not bring good tidings.

According to SSA's numbers the February production for the entire sector was some 15% weaker than a year ago.

The poorer demand for resources has hammered the mining industry, a huge employer of unskilled men.

Since the fourth quarter of last year Section 189 notices for planned retrenchments of about 32 000 mineworkers have been issued to unions, according to a Solidarity trade union database.

Even the financial sector has seen a number of retrenchments, reports Ben Venter, deputy general secretary of bank union SASBO.

Read more at Fin24

Hungary's Economy Minister Janos Koka Says He Will Resign by Year's End

(Bloomberg) -- Hungarian Economy Minister Janos Koka
will leave his post by the end of the year to devote more
attention to leading the Free Democrats' Alliance, the junior
coalition party.

``A party leader has enough to do even without government,''
Free Democrat board member Gabor Horn said this morning in an
interview with Hungary's TV2. ``He has told us, and the board has
accepted the decision, that he will leave the Economy Ministry by
the end of December.''


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No EADS cap hike needed now-German govt official

(Reuters) - "It has been agreed that Germany and France will discuss the
issue of the shareholer structure in the coming months," Hintze,
who is also a state secretary in the Economy Ministry, told
Reuters.




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