Friday May 6, 2011

From Creamer Media in Johannesburg, I’m Jessica Hannah

Making headlines:

The South African government has the capacity to revive the economic situation of many African countries, African National Congress (ANC) Youth League leader Julius Malema said on Thursday. South Africa should be investing on the continent like China and other foreign countries, he told the National Press Club in Pretoria, in a briefing the ANC Youth League's programme of action for economic freedom. Resolving the economic crisis on the continent would put a stop to the influx of foreign nationals to South Africa, he said. The reason people were leaving their countries for South Africa, was a sign of confidence from the continent, he said.

North Africa's growth forecast for 2011 has tumbled to less than 1% from 4,5% achieved in 2010, dragged down by ongoing political violence in Libya, the president of the African Development Bank (AfDB) Donald Kaberuka said. A surge of pro-democracy revolts across North Africa have hurt economies, including Africa's second largest Egypt, just as the world's poorest continent sought to build on frothy forecasts amid a global economic downturn. The AfDB and World Bank have committed to provide Tunisia with urgent budget support totalling $1-billion, and Kaberuka said ongoing discussions with Egyptian authorities for similar aid would depend on whether programmes met the people's needs.

The lack of a skilled workforce is a significant constraint to business growth in the Brazil, Russia, India, China and South Africa (Brics) grouping of emerging market economies, 42% of business owners in these countries revealed in Grant Thornton’s 2011 ‘International Business Report’. For the fifth consecutive year, the issue continued to be a challenge to South African business owners, with 37% concurring that it remained a major constraint. Grant Thornton South Africa national chairperson Leonard Brehm said that Brics business owners were having difficulty in sourcing skilled individuals for their rapidly growing economies, especially now that global demand for skills is increasing post the recession.

Also making headlines:
Zimbabwe's cash-strapped government will not pay any money for stakes in mining companies forced to sell majority holdings under new local ownership laws, the minister overseeing the drive said.
The Côte d’Ivoire’s Constitutional Council ratified on Thursday the results of a presidential election showing that Alassane Ouattara won, reversing an earlier decision to reject them.
And, the US on Thursday expressed growing alarm over Sudan's disputed Abyei region, warning it was escalating into a situation that could imperil the country's landmark 2005 peace deal.

That’s a roundup of news making headlines today