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

Nedbank First-Half Net Rose 42 Percent as It Boosted Corporate Lending

(Bloomberg) -- Nedbank Group Ltd., South Africa's
fourth-biggest bank, said first-half profit rose 42 percent,
boosted by gains in corporate lending. The company expects 2007
earnings to increase by as much as 33 percent.

Net income in the six months to June 30 advanced to
2.78 billion rand ($389 million), or 7.05 rand a share, from
1.95 billion rand, or 5.77 rand, a year earlier, the Johannesburg-
based company said in a statement today. Annual profit-per share
will rise 22 percent to 33 percent, it said.


Read more at Bloomberg Emerging Markets News

S.Africa's largest oil refinery shuts down due to strike

(Reuters) - SAPREF, South Africa's largest oil refinery, said on Monday it had shut down due to a strike that has crippled the industry and led to petrol shortages at filling stations.

"In response to CEPPAWU's call for a national strike, a safe shutdown has been completed at the SAPREF refinery," Prudence Mbatha said in a statement.


Read more at Reuters Africa

Rand softer, to remain under pressure

(Reuters) - South Africa's rand started the week on the backfoot versus the dollar and will probably remain under pressure as investors continue to fret over woes in the U.S. mortgage credit sector.

The rand was trading at 7.1525 versus the dollar at 0625 GMT, about 0.4 percent softer than its New York close of 7.1250 on Friday.


Read more at Reuters Africa

South Sudan awards gold, uranium mining contracts

(Reuters) - South Sudan has awarded two companies exploration licenses for gold and uranium in areas thought to be rich in minerals, an official from the semi-autonomous region said.

British/South African New Kush Exploration and Mining Company and the UK-listed Brinkley Mining Plc paid $5,000 for one-year exploration licenses in the area bordering Kenya.


Read more at Reuters Africa

Miners, banks push S.Africa Top-40 index 1 pct up

(Reuters) - South Africa's blue chip Top-40 index gained over one percent in early trade on Friday, boosted by mining and bank stocks as global stock markets recovered.

The Top-40 index rose as much as 1.28 percent to 25,518 points. By 0748 GMT, the index was 0.97 percent firmer at 25,493 points.


Read more at Reuters Africa

New AngloGold Ashanti CEO to tackle mine deaths

(Reuters) - The incoming chief executive at the world's third biggest gold producer, AngloGold Ashanti Ltd, wants to cut the firm's mine fatalities as a top priority, he said on Friday.

Increasing deaths at South Africa's treacherous underground mines have thrust safety into the spotlight recently. The government briefly closed one of AngloGold's mines last week after two more miners were killed in a rock fall.


Read more at Reuters Africa

S.Africa fuel strike into 5th day, motorists queue

(Reuters) - A strike by South African fuel workers entered a fifth day on Friday, prompting motorists in the economic capital to queue at filling stations as stocks dwindled.

"It has been a mad rush since 3 a.m. (0100 GMT) this morning," said Ashwin Chiba, manager of a filling station in the centre of Johannesburg, one of the few still with fuel.


Read more at Reuters Africa

S.African stocks slide on global jitters; Lewis up

(Reuters) - South African stocks hit an almost four-month low on Friday as weaker global markets rattled financial stocks but retailer Lewis bucked the trend after it said sales rose and its credit book was in good shape.

The Johannesburg Top-40 index of blue-chip stocks dropped 1.11 percent to 24,915.31 points, its lowest closing level since April 11. The All-share index fell 1 percent to 27,582.01 points.


Read more at Reuters Africa

Richards Bay Coal Exports Fell 3 Percent in July After Train Derailment

(Bloomberg) -- South Africa's Richards Bay Coal
Terminal, the world's biggest coal-export terminal, shipped 3
percent less coal in July than a year earlier after a derailment,
an official familiar with the matter said.

The terminal shipped 5.57 million metric tons of coal, the
official said, compared with 5.74 million tons a year earlier. On
July 16, the terminal said a derailment on a line transporting coal
to the port on South Africa's northeast coast delayed the delivery of
150,000 tons. In June, the port shipped 5.45 million tons.


Read more at Bloomberg Energy News

BA CEO expects fines provision to suffice

(Reuters) - BA set aside the provision in May and this week U.S. and UK authorities unveiled fines worth almost 270 million pounds.




Authorities in Europe, Canada, Australia, South Africa and New Zealand are also probing BA's fuel surcharges.


Read more at Reuters.com Business News

Rand holds onto overnight gains, in range

(Reuters) - South Africa's rand held onto overnight gains on Tuesday, taking a breather after sharp losses racked up over the past week and shrugging off a wider trade deficit.

The domestic currency was trading at 7.0990 to the dollar at 1530 GMT, virtually unchanged from its close in New York on Monday, when it rebounded from a one-month low of 7.1999.


Read more at Reuters Africa

S.Africa credit points to rate hike, trade gap up

(Reuters) - Demand for credit by South Africa's private sector grew at a faster pace in June, hardening the case for higher interest rates to curb spending, while a wider trade deficit pointed to continued pressure on the current account.

The Reserve Bank has raised its repo rate by 250 basis points to 9.5 percent since mid-2006 to tame inflation and robust consumer demand, but spending, driven by credit, remains high.


Read more at Reuters Africa

S.African stocks firmer, led by resources and banks

(Reuters) - Heavyweight miners Anglo American and BHP Billiton and bank shares led South Africa's bourse higher on Monday after sliding over 3 percent last Friday, spooked by a global market sell-off.

A Johannesburg-based trader said both Anglo and Billiton were recovering from being oversold last week, along with other resource stocks and banks.


Read more at Reuters Africa

Angloplat H1 headline EPS up 47 pct, cuts FY output

(Reuters) - South Africa's Anglo Platinum posted a 47 percent jump in interim headline earnings per share on Monday, at the top end of its own forecast, and cut its output estimate for the year.

Angloplat, the world's biggest platinum producer, said headline EPS for the six months to end June increased to 29.43 rand from 22.02 rand in the same period last year, mainly due to strong metals prices.


Read more at Reuters Africa

Afrox says set for "real growth" in earnings

(Reuters) - South African gas group African Oxygen posted 9-month headline earnings per share of 117 cents compared with 93.7 cents in the six months to end June 2006, and said on Thursday it was positioned for "real growth" in earnings.

Afrox is changing its financial year to end December from end September to align itself with its holding company, Germany's Linde Group, so was unable to provide comparative figures.


Read more at Reuters Africa

Anglo says S.Africa zinc, copper unit hit by long strike

(Reuters) - The world's third biggest mining group, Anglo American Plc, said on Thursday that output at its Black Mountain zinc and copper production unit in South Africa had been hit by prolonged industrial action.

Anglo did not say exactly how much output had been lost at Black Mountain which also produces lead and silver.


Read more at Reuters Africa

S.Africa's Denel cuts year loss to $80 million

(Reuters) - South African defence firm Denel cut its net loss for the year to March to 549 million rand from a loss of 1.36 billion rand in the previous year, and lifted turnover through new contracts, it said on Wednesday.

The troubled state-owned artillery, infantry and guided weapons manufacturer, which has received billions of rands in state assistance over the past three years, recorded a 17.8 percent rise in turnover to 3.27 billion rand.


Read more at Reuters Africa

South African Rand Gains After Country's Credit Outlook Revised Higher

(Bloomberg) -- South Africa's rand rose against the
dollar after Fitch Ratings revised the country's credit outlook
to ``positive'' from ``stable.''

The rand also gained today as the spread, or yield gap,
between 10-year South African bonds and equivalent U.S.
Treasuries rose to near the highest in six months. The Reserve
Bank's 9.5 percent main lending rate makes local assets
attractive for investors who fund their purchases by borrowing
more cheaply in other currencies.


Read more at Bloomberg Currencies News

PetroSA eyes exploration after Algeria setback

(Reuters) - South Africa's national oil group PetroSA said on Tuesday it was looking for exploration opportunities after a bid for a gas-to-liquid (GTL) project in Algeria was cancelled in May.

PetroSA had previously expressed confidence in securing the deal to establish a GTL project in Algeria as part of its plans to spread across Africa, but this took a dent when the Algeria plant was dropped because of rising costs.


Read more at Reuters Africa