A move to devalue therand will hit South Africas poor the hardest by driving up inflation, Pick nPay chairman Gareth Ackerman warned. As a net food importer South Africas foodproducts are dollar-denominated, including staples like bread, rice tea andcoffee. Devaluing the rand would thus put the poorest sector of the populationunder even more financial pressure. Ackerman, chairman of the countryssecond-largest supermarket chain, spoke after official figures showed a Q2 lossof 53,000 manufacturing jobs, supposedly giving trade unions and manufacturerscause to call for a weaker rand to boost exports. A weaker rand would also pushup electricity tariffs, Elna Moolman, SA economist at Renaissance BJM said. Thetrade account swung back into surplus, June, partly boosted by a backlog ofexports from the previous months transport strike the South African RevenueService (SARS) said. The June trade balance rose to ZAR 5.6bn after a Mayshortfall of ZAR 302mn. SARS put the cumulative deficit for the year so far atZAR 7.8bn against a ZAR 17.8bn shortfall y/y.
South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more
South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more
Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more