Current Edition >> Archives Section >> Spot Coverage >> 16-31 August 2006
General economic trends worldwide: It would seem that generally speaking worldwide economic trends for the short term future point to a recession in the US as a serious possibility, while in SA interest rates are due for another hike. Oil at US $100 a barrel seems a distinct possibility, with all sorts of inflationary spin-offs. On the hole it appears as if the good times are over and tightening of belts is on the cards.
Huge coal-mining project in Botswana: Canadian-listed CIC Energy Corp is in the process of identifying potential partners for its $5-billion project to develop a coal-mine and adjacent coal-fire power station in the Mmamabula coalfield in Botswana near the SA border. It involves “a major integrated 12-million-tons-a-year coal-mine and an associated 3 600-MW power station for export of electricity predominantly to South Africa currently struggling to meet its energy demands.” The commercial operational date is planned for 2011.
Transnet R64,5bn capex roll out: It has been announced that Transnet has set up a specialist division to manage its major capital projects, which form part of a R64,5-billion, five-year capital-expenditure plan for its railways, harbours and pipeline businesses. Seven of these large projects fall under the areas of harbour and rail development. Ultimately, the unit could manage any group project valued at more than R300-million. More info from tel: 011 446 3812 / wayenb@sacob.co.za.
Manufacturing for June 2006: According to Stats SA the estimated manufacturing production for the first six months of 2006 increased notably by 4,5% compared with the first six months of 2005. In addition, the estimated seasonally adjusted manufacturing production for the second quarter of 2006 increased by 1,5% compared with the first quarter of 2006, which is lower than the growth of 2,9% reported during the same period in 2005. The estimated total value of sales of manufactured products at current prices for the second quarter of 2006 increased by 4,0% (+R8 965 million), after seasonal adjustment, compared with the first quarter of 2006.
North West development thrust: It is being reported that North West Province, already benefiting strongly from platinum mining developments around Rustenburg, has adopted a provincial growth and development strategy to boost its upcoming economy further. One of the main thrusts is the creation of anchor projects, including the Kgalagadi integrated sustainable rural development project, the Mafikeng industrial development zone project and the Rustenburg urban renewal initiative. In so doing it is aimed to achieve an economic growth target of 6,6% for the province by 2014.
R1 billion set aside for farm-based entrepreneurs: It has been announced that the national programme for the creation of small enterprises and jobs in the second economy, Jobs for Growth, is to make funding available totaling R1 billion for small enterpreneurs in the agricultural field under the scheme Micro-Agricultural Finance Schemes of SA (MAFISA). The funds will be accessible through many of the country's 2 500 Postbank outlets in the form of short term loans of between R5 000 and R100 000 for agricultural projects ranging from vegetable to crop to poultry and livestock production.
Beste Julie nog vir motorbedryf: Die SA motorbedryf het verlede maand die beste Julie nog beleef met verkope van 62 303 voertuie – volgens syfers van Naamsa en Associated Motor Holdings gekombineerd. Dit blyk dat altesaam 37 376 passasiersmotors in Julie verkoop is, 20,8% meer is as in dieselfde maand verlede jaar. Die passasiersmotormark is hoofsaaklik deur aflewerings aan motorverhuringsmaatskappye gesteun – 'n geskatte 5 000 voertuie. Verkope in die afdeling vir ligte handelsvoertuie (LHV) het met 'n stewige 21,1% teenoor dieselfde maand verlede jaar gestyg, en altesaam 16 249 eenhede is verkoop. Medium handelsvoertuie (MHV) het 1 148 verkope gehaal – 'n styging van 14,3% teenoor Julie 2005 se verkope. Verkope in die afdeling vir swaar handelsvoertuie (SHV) het met 22,7% teenoor Julie 2005 gestyg en die maand op altesaam 1 781 eenhede afgesluit.
SA diamonds record production: According to the latest edition of the Minerals Bureau Bulletin of the Dept. of Minerals and Energy, this represents an increase of 9,3% compared with the 14,45-million carats produced in 2004. The 1,35-million carat increase in production was attributed to higher production at De Beers' Venetia Mine, located in Limpopo province. A total of 126 mining and prospective licensees produced diamonds in 2005, of which, 15 mined kimberlites, 90 exploited alluvial deposits and 21 recovered diamonds from a mariner environment. Production from kimberlite contributed over 14,3-million carats.
Abolition of RSC levies: It is reported that following the announcement by the Minister of Finance about the phasing out of RSC levies from 1 July 2006, the necessary legislative amendments to remove the authority of district and metropolitan municipalities to impose these levies have been approved by Parliament and the President. The Small Business Tax Amnesty and Amendment of Taxation Laws Bill [B14-2006] will deal with the abolishment of regional services councils (RSC) levies and joint services boards (JSB) councils with effect from 1 July 2007. Although the authority of the relevant municipalities to levy RSC levies has been revoked from 1 July 2006, any RSC levies for which liability arose before or on 30 June 2006, may still be collected by the municipality, cognizant that the liability for which a summons for the collection thereof has not been issued before or on 30 June 2008, lapses on that date.
Research and development (R&D) spending in South Africa was at an all-time high of about R12 billion, or 0,87% of gross domestic product (GDP), in the 2004/5 fiscal year. The intensity of R&D expenditure, measured as a percentage of GDP, is a good indication of the competitiveness of a country's economy. It goes without saying that innovation and continuous development are key to economic growth.
The target set by government is to boost R&D investment to 1% of GDP by 2008. Research by the Research and Experimental Survey, which the Human Sciences Research Council (HSRC) conducted on behalf of the DST, indicates that since 2001 South Africa's R&D expenditure rose from R10 billion, or 0,81% of GDP, in the 2003/4 fiscal year to R12 billion, or 0,87% of GDP, in the 2004/5 fiscal year. This represents a real annual increase of about 12,8%.
Boshof vier die naweek van 3 tot 5 November 2006 sy 150ste bestaansjaar en saam daarmee word die Rooidak Skool se eeufees gevier. Vir die geleentheid word 'n reünie van alle oudskoliere beoog. Die organiserende komitee rig ‘n versoek dat alle oudskoliere so gou moontlik hul e-posadresse sal voorsien aan, of indien hulle verkies, een van die volgende te bel: Henry: 076 524 4874 of Rolanda: 053-5410018 of Nelis: 082 722 5125 of te skryf aan Rooidak Reünie, Markstraat 10, Boshof 8340 of te faks aan 053-5410018.
South Africa's premium international business exhibition, SAITEX, is to take place this year from 10 – 13 October at Gallagher Estate in Midrand. In the presentation of this year's event, SA is to be partnered by India and Brazil in pursuance of expanding the existing stuctured international co-operation between the three countries. Last year SAITEX had 9 000 visitors while this year 12 000 – 15 000 are expected. Floor space is showing a growth of 40% on last year. For more info and also to participate online, visit www.saitex.co.za.
Johannesburg-based firm of attorneys Brink Cohen Le Roux Inc. has been awarded the Professional Management Review ("PMR") Diamond Arrow Award 2006 in terms of PMR's annual survey assessing the top legal firms in South Africa in 2005, by achieving the highest rating overall (countrywide) in the medium legal firm category (firms with an annual turnover of R30 million - R70 million).
The survey was conducted randomly amongst 306 respondents drawn from the top 800 major corporate clients of legal firms in South Africa. Interviewees included in-house corporate lawyers, financial directors, MD's, company secretaries and other senior managers. BCLR's overall mean score of 4,48 (out of 5) exceeded the mean scores achieved by all rated large, medium and small law firms in South Africa, achieving the highest overall mean score countrywide.
On the photo, the directors of BCLR, back from left, Paul Coetser, Johan Olivier, Peter le Roux and Pieter Colyn, with in front Willem le Roux and Johan Brink.
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