Bureau of Market Research (BMR) points to unemployment rising from 26.9% in 2006 to 32.5% this year. Provinces that are affected -Free State, KwaZulu-Natal, Mpumalanga, Northern Cape and Limpopo. In the MasterIndex survey, unemployment came out as the weakest indicator at 83.3 from a basket of five.
(Sunday Times, 4 February 2007)
Financial Services Board (FSB) succeeds in the Cape High Court to have Fidentia placed under curatorship. Inspectors have highlighted problems with fund such as:
* “Funds received from clients intended for investment were used to defray business expenses” and acquire investments for the Fidentia group.
* Nature of assets held on behalf of clients artifically disguised to misrepresent the actual investments
* Fictitiously inflating client assets
* Failing to file audited financial statements for two years
Clients of Fidentia Asset Management included the Living Hands Umbrella Trust (established up pay money invested by the Mineworkers Provident Fund to families of people killed in mining accidents.) and Teta (Seta for the transport sector). Fidentia denies any misconduct.
(Business Day, 2 February 2007)
National Union of Mineworkers (NUM) and African Rainbow Minerals (ARM) confirm strike action at Modikwa Mine due to:
* Racial discrimination – wage difference between white and black miners
* Demand to phase out continuous operations
* Demand for 100% transport subsidy of 162 rand per month.
(Sunday Times, 28 January 2007)
South African Municipal Workers’ Union (Samwu) going on strike action on Monday (29 January) against Metrobus over sick pay. In 2005 workers were informed that they would lose their sick leave balance of the past 15 years if it was not used within 30 days. They claim Metrobus promised after talks in November 2006, to take the issue up with the Muncipality but failed to do so. Metrobus claims employees that exercised their right were paid out in December 2005.
(IOL, 28 January 2007)
Restructuring process may result in managerial and six executive job cuts by eliiminating overlap of department functions and duties. The savings will be reinvested in current operation. Meanwhile positions are being advertised in certain divisions.
(IT Web, 26 January 2007)
No salary has been paid to Carlos Alberto Parreira to coach Bafana Bafana for January as he has not started his job. His salary is R1.8 million per month.He will also have the benefit of a driver until he gets a SA drivers license
(IOL, 24 January 2007)