September 28, 2012
From Creamer Media in Johannesburg, I’m Motshabi Hoaeane.
The ANC’s policy conference recommends a more muscular State mining company.
The South African Chamber of Commerce and Industry says the transport workers strike is ‘economic sabotage’.
And, analysts say that the financial services sector is a key enabler in African investment.
According to recommendations from its national policy conference in June, the African National Congress (or ANC) favours State intervention in the minerals sector, with a focus on beneficiation.
The ANC said that at the forefront of this intervention should be the strengthening of the recently created State mining company. This would be achieved by consolidating State mining assets into a single institution.
The ANC also said that the State mining company would expand or contract depending on the balance of evidence, including partnerships with the private sector in strategic mining ventures.
The recommendations will be considered at the party’s upcoming national conference in Mangaung in December.
The South African Chamber of Commerce and Industry (or Sacci) has slammed the transport strike as “economic sabotage”.
The strike, which started on Monday, continued on Thursday with acts of violence and intimidation reported.
Efficient Group chief economist Dawie Roodt commented that the strikes had the potential to seriously harm the economy. In circumstances such as these, a strong political leadership which can put these strikes to an end is needed, or a company needs to ‘implode’ under its own weight, closing the company until the problems have lessened, he said.
Sacci CEO Neren Rau has condemned the protest by transport workers and said their action adversely impacted on the activities of all South Africans.
Financial services firm KPMG Africa says that the financial services sector in Africa is playing a critical supportive role in the continent’s development as a result of increased consumer spending, public and private sector investment in infrastructure, as well as advances in technology.
This is leading to greater connectivity and increasing demand for natural resources by the developing Brazil, Russia, India and China bloc of countries.
Enabling factors also include increasing urbanisation across the continent, increasing acceptance of the rule of law and the harmonisation of regulatory requirements at national and regional levels.
Citibank Africa COO Nicholas Young suggests that because Africa is an enigma for many investors, a tailored approach should be developed for each market. Combined global and local partnerships work well to unpick different markets, he said.
Also making headlines:
Democratic Alliance Leader Helen Zille says the ANC could sink South Africa.
Zimbabwean President Robert Mugabe wants to hold elections in March 2013.
And, the mining industry is increasingly seeking solutions to improve water treatment levels.
That’s a roundup of news making headlines today.