Archive for December 28th, 2007

Enhance decentralisation

source: BOPA
28 December, 2007

MOLEPOLOLE – Kweneng District Council ended its full meeting last week after adopting a motion requesting Ministry of Local Government to release all revenue support grant funds at the beginning of each financial year to the district council to enhance decentralisation, efficient planning, management and better service delivery.

The mover of the motion, Cllr Maxwell Motowane (nomimnated) argued that funds should be immediately disbursed to the council for it to execute development projects.

Cllr Motowane said the support grant funds were delayed at the ministry when released in portions which also delayed planning.

He also tabled a motion requesting Ministry of Local Government to consider establishing Letlhakeng Sub-District as a full-fledged district to facilitate economic, effective and efficient delivery of services to the catchment area.

He said the Kweneng District was a vast area which needed to be [continue reading]

source: allAfrica
Business Day (Johannesburg)

EDITORIAL
28 December 2007
Posted to the web 28 December 2007

Johannesburg

WHICHEVER way you look at it, 2007 has been a good year for the JSE. It had its first anniversary as a listed company, and it became the world’s biggest single stock futures market. Turnover was up. And for most of the year the returns from the exchange were very pleasing, at least for those that were going long.

Despite market turmoil, it made better returns than most developed markets, although it was outshone by some emerging markets.

And as if its share price appreciation was not enough to keep shareholders really rather happy, the JSE also announced a special dividend with more ordinary dividends to follow.

The JSE was not gobbled up by any big exchanges. Indeed, there was a suggestion that the JSE might want to buy the Stock Exchange of Mauritius while working closely with other exchanges in Africa.

It makes sense — if the JSE wants to remain relevant and  [continue reading]

source: Bloomberg
By Nasreen Seria

Dec. 27 (Bloomberg) — South Africa posted its smallest trade deficit in 11 months in November, as oil imports plunged, easing pressure on the current account gap.

The deficit narrowed to 608.7 million rand ($88 million) last month from 14.7 billion rand in October, the South African Revenue Service said on its Web site today. The deficit was expected to narrow to 10.5 billion rand, according to the median estimate of five economists surveyed by Bloomberg.

The improvement in the trade balance last month may help to narrow the current account gap, which reached 8.1 percent of gross domestic product in the third quarter, the highest in more than 25 years. South Africa relies mainly on foreign investment in stocks and bonds to fund the deficit, an inflow of money that can reverse if investors choose to [continue reading]

source: ZimNews
author/source:VOA News
published:Wed 26-Dec-2007

By Blessing Zulu

The Reserve Bank of Zimbabwe has estimated that inflation over the past 12 months has totaled 24,000%, compared with its last estimated of 14,000% in October, this in a circular sent to financial institutions to help them close their 2007 books. Zimbabwe’s Central Statistical Office stopped providing data on inflation in September saying it could not find prices for key goods because they were not on store shelves. But the Reserve bank came up with the estimate for the use of financial institutions and publicly trade companies in drawing up their financial accounts for the year. A memo leaked from the central bank told institutions and companies that “you are hereby advised to use the 24,059 percent year-on-year inflation figure for November in the compilation of financial results for the period ending December 2007.”

Recent estimates of Zimbabwean inflation by independent economists have tended to run quite a bit higher, ranging from 50,000% to 100,000%. Economist Prosper Chitambara told VOA that the central bank estimate of 24,000% is “conservative.” But economist Eric Bloch, who has been a [continue reading]