Monday, May nineteen, 2008.

From Creamer Media in Johannesburg, I'm Shannon O'Donnell.

Making headlines today:

The International Monetary Fund set an expected gross domestic product growth rate of 6,5% for sub Saharan Africa for 2008, at its regional economic outlook presentation on Friday.

It also said that advanced economies would be most affected by the current economic turbulence, while emerging markets would continue to grow at rates above the trend.

Global growth for 2008 was expected at 3,7%.

Emerging markets would not, however, remain unscathed from global turbulence. Even though growth of emerging markets would continue to be higher, it was likely that they would still be affected by the prevailing global shocks, although it was hoped that, with the achieved improvements in stability and monetary policy, they would be better equipped to deal with crises.

IMF African Department acting director Benedicte Vibe Christensen:
(audio clip)

Shareholders in petrochemicals giant Sasol on Friday voted through its 26-billion rand empowerment deal, which was the biggest such transaction in South Africa's history.

The Inzalo black economic-empowerment deal would see the world's biggest coal-to-liquids firm selling a 10% shareholding to a group including its workers, the black South African public, and a skills foundation.

Sasol said in a note to the JSE that at least 97% of shareholders voted in favour of the deal.

The ruling African National Congress party suggested that Eskom should pay for its coal on a cost-plus basis, and that coal pricing should be discussed with the industry.

Further, Eskom only ought to source the fuel from the spot market in "the most extreme conditions", ANC secretary general Gwede Mantashe stated.

Currently, Eskom was in the costly situation where it had to buy increasing amounts of coal on short-term contracts, leading to far higher prices.

Also making headlines:

Oil rises near 127 dollars despite dollar gains
Business and labour call for multistakeholder group to interrogate Eskom's funding
Algeria plans 20 billion dollar power investment
Gold clears 900 dollars an ounce in defiance of rising dollar
Rio Tinto increases its US copper resource to 637 million tons
And, Gold hedging is down 18% in the first-quarter of 2008

In political news:

Alec Erwin announces his retirement
Desmond Tutu calls for peacekeeping deployment in Zimbabwe
Many flee as anti-foreigner violence spreads in South Africa
And, the Economic Community of West African States says West Africa needs a common policy on food prices

That's a round up of news making headlines today. For more on these and other stories, visit engineeringnews.co.za, miningweekly.com and polity.org.za