Wednesday July 20, 2011

From Creamer Media in Johannesburg, I’m Shannon de Ryhove

Making headlines:

South Africa may be past its growth peak for 2011 in the light of uncertainty about the global economy, nationalisation and labour legislation, BoE Private Bank said yesterday. According to the BoE Private Clients Domestic Overview for June, manufacturing production declined by 3.7%, more than the anticipated decline of 0.6%, while in rand terms, the JSE All Share Index declined by 2%. Gold mining declined by 9.5% and the media and household goods sectors dropped 5.2%. The rand performed well against other currencies gaining 3.2% and 0.1% against the pound and euro respectively.

Guinean President Alpha Conde escaped a sustained rocket and gunfire attack on his residence yesterday that killed one person and left his home riddled with bullet holes. There was no official word on who was behind the attack on Conde, who came to power last December in an election aimed at ending decades of coups in the West African nation where iron and bauxite resources have attracted world mining majors. A presidential source said the attack was clearly a failed assassination attempt targeting the President, who later rushed to the state broadcaster to appeal for calm.

South Africa's fuel workers are likely to reject a revised wage offer, the main union's chief negotiator said as a week-long strike in the sector, which has left pumps at hundreds of service stations dry, looked set to intensify. Tens of thousands of fuel sector workers walked off the job last week, delaying deliveries and sparking panic buying at pump stations in the country's economic hub, Gauteng province. Talks between the industry and the Chemical, Energy, Paper, Printing, Wood and Allied Workers' Union are deadlocked, said Jerry Nkosi, the union's chief negotiator.

Also making headlines:
Libyan rebels have encircled the eastern oil hub of Brega and control parts of the town, whose capture would mark a major boost for their campaign to oust Colonel Muammar Gaddafi, a rebel spokesperson said.
South Africa should consider leasing farms to previously disadvantaged black farmers with an option to buy to speed up land reform, a financial institution which gives loans to farmers said in a report.
And, the ANC is considering establishing a State-owned pharmaceutical company, secretary general Gwede Mantashe said yesterday.

That’s a roundup of news making headlines today.