Friday, July 9, 2010

From Creamer Media in Johannesburg, I'm Brad Dubbelman.

Making headlines:

South Africa's growth probably moderated in the second quarter, but the recovery is still intact and the economy will grow more than the 2,3% projected in February this year, said Finance Minister Pravin Gordhan.
South Africa's economy grew by 4,6% quarter-on-quarter in the first quarter, quickening the pace of a recovery that started in the third quarter of 2009. Data has shown that manufacturing - a key contributor to gross domestic product - is slowing partly on concerns about a slowdown in Europe.
The Business Day reports Gordhan saying that the economy is still on course for a recovery. "The recovery in South Africa has been stronger than expected, and we don't see ourselves making major revisions to the forecast at this point."

The International Monetary Fund (IMF) upgraded its 2010 global growth forecast on Thursday, citing robust expansion in Asia and renewed US private demand, but warned that the euro area's debt crisis poses a big risk to recovery.
The IMF said that the euro zone's sovereign financing problems and resulting financial market turbulence are significant challenges, especially with the web of financial and trade links connecting Europe to the world.
The fund raised its 2010 global output forecast to 4,6% from 4,2% in April's review of the global economy, but kept its 2011 projection unchanged at 4,3%.
Speaking at a briefing on the organisation's latest World Economic Outlook and Global Financial Stability reports, IMF chief economist Olivier Blanchard said that the European situation "is likely to slow down the path to recovery", but that the chances of a double dip are very small.

Security agencies are on high alert to ensure that xenophobic violence is quelled as quickly as possible, said Police Minister Nathi Mthethwa on Thursday.
Speaking at an Interministerial Committee on Xenophobia briefing, Mthethwa said that the police continue to monitor any threats, adding that the "people who planted this in the media did no investigation whatsoever," as it had been found that the foreign nationals leaving the Western Cape are seasonal workers and not fleeing xenophobia. "We will resist this hysteria," he said.
Deputy Home Affairs Minister Malusi Gigaba said that his department was taking the rumours of xenophobic violence seriously, as they risk eroding the success of the 2010 FIFA World Cup. State Security Minister Siyabonga Cwele added that a small group of instigators are fuelling the rumours of xenophobic violence.

Also making headlines:

The International Criminal Court orders a halt to the trial of accused Congolese warlord Thomas Lubanga, saying that the prosecutor refuses to turn over information to his defence.
A run-off in Guinea's Presidential election will not take place until at least the end of July after the Supreme Court has ruled on challenges to the first round of voting.
The Eskom board moves to defend its new CEO, Brian Dames, against allegations of a pay increase of 91% in 2010, but analysts say that this also raises questions about how Eskom bonuses have been designed.
And, Brazilian President Luiz Inacio Lula da Silva winds up his final Presidential tour of Africa with a number of deals after dramatically expanding trade ties with Africa during his eight years in power.

That's a roundup of news making headlines today.