Archive for July 5th, 2008

source: SW Radio Africa
By Tichaona Sibanda
4 July 2008

Robert Mugabe has warned neighbouring countries to ‘think twice’ before launching an attack against his regime.
Analysts say this could be viewed as a direct threat to Botswana, who this week deployed an army brigade with artillery to patrol it’s border with Zimbabwe. Botswana described the troop movement as ‘a precaution’ against trouble spilling over into their country.

Relations between Botswana and Zimbabwe came to an all time low at the Au Summit in Egypt on Tuesday, when they refused to recognise Mugabe’s stolen election win. On Friday they reiterated calls for Mugabe’s regime to be suspended from the AU and the 14-nation SADC community.

Foreign Minister Phandu Sekelemani told reporters in Gaborone that as a country that practices democracy and the rule of law, they do not recognize the outcome of Zimbabwe’s presidential run-off election, and would expect other SADC member states to do the same.

Speaking to his bussed in ‘supporters’ on his arrival home on Friday Mugabe warned his neighbours to be careful about provoking his government; ‘If there are some who may want to fight us, they should think twice. We don’t intend to fight any neighbours. We are a peaceful country, but if there is a [continue reading]

source: The Zimbabwe Independent
Thursday, 03 July 2008 21:31

PRESIDENT Robert Mugabe is any day now expected to announce a new cabinet that will have a few surprise inclusions while leaving space for the opposition Movement for Democratic Change (MDC), it emerged yesterday.

Informed sources said Mugabe would make public his new team after his return from Egypt today. He attended an African Union summit there earlier this week.

The announcement could be made as early as this weekend. The cabinet — initially anticipated to have been made known this week — is expected to lay a firm basis for a government of national unity between Zanu PF and the MDC.

African leaders endorsed the proposal mooted by South African President Thabo Mbeki at their meeting at the Red Sea resort of Sharm el-Sheikh. AU chair Tanzanian President Jakaya Kikwete and AU Commission chairman Jean Ping are expected in Harare soon to pin down the initiative, sources said.

Both Mugabe and MDC leader Morgan Tsvangirai have said they want to talk, but differences remain on [continue reading]

source: The Zimbabwe Independent
Thursday, 03 July 2008 20:20

THE Reserve Bank of Zimbabwe (RBZ) is likely to slash at least six zeros from the local currency as it grapples to fight inflation in its monetary policy presentation expected next week.

Information to hand suggests that government was planning to slash six zeros from the local currency to facilitate transactions in the purchase of goods and services. If this development continues as planned, it will be contrary to what Reserve Bank governor stated last month.

The central bank chief said he would consider removing the zeros in September as a cosmetic response to runaway inflation that has relegated all business transactions to trillions.

Sources said government had been toying with the idea of dropping zeros from the currency but were still working on how many zeros to remove because of the hyperinflation.

Bankers who spoke to businessdigest this week said large transactions were causing computer accounting systems to fail to transact.

Accurate financial information had been compromised due to large transaction values which most accounting systems were not able to capture.

The accounting organisation said companies, especially banks, did not have the foreign currency to acquire new software to cater for the number of zeros.

Most bank applications in Zimbabwe cannot support a $100 000 000 000 (12 digits) figure. Almost all [continue reading]

source: IOL
July 04 2008 at 05:38PM

By Gershwin Wanneburg

White-collar crimes have increased dramatically over the last year as South Africans resort to desperate measures to get through the current economic hard times, according to one crime hotline.

Deloitte’s Tip-offs Anonymous service says reports of fraud, abuse of company resources and nepotism rose by 200 percent between January to June last year and January to June this year.

“It’s interest rates, food prices, petrol prices … people are living on the edge and have little or no disposable income once their commitments are settled,” said Nicholas John, chief operating officer of Tip-offs Anonymous.

“What we used to find previously was, when interest rates used to go up, you would feel the pinch about three months later, then we would see the trend. In the past 12 months, it seems to be just a constant upward [continue reading]

source: allAfrica
Business Day (Johannesburg)
4 July 2008
Posted to the web 4 July 2008

Mariam Isa

INCOME disparities in SA have widened in the past two years, boosted by more rapid growth in high-income brackets, especially among blacks, says the Bureau of Market Research (BMR) at the University of SA (Unisa).

Prof Carel van Aardt at Unisa told Business Day SA’s Gini coefficient – an accepted way of measuring income inequality – widened to 0,65 this year from 0,63 in 2006.

That is well above comparable emerging economies such as Brazil, Malaysia and Vietnam, he said. A zero coefficient implies all households have the same amount of wealth, while 1,0 would mean one household has everything.

In 1994, SA’s Gini coefficient was estimated at 0,57, mainly because there were fewer wealthy [continue reading]

source: IOL
July 04 2008 at 05:54PM

No agreement was reached between 500 dismissed workers at the Mbombela stadium and the Mbombela Stadium Joint Venture (Basil Read/Bouygues Civil Works) in Nelspruit on Friday.

On Thursday it was reported that the workers and management were on the verge of a settlement.

Spokesperson for MSJV Eugene du Toit said negotiations closed on Friday afternoon and talks would resume next week.

“We have settled on most situations except on the issue of the shop stewards.

“We want to take disciplinary action against shop stewards who played major roles in the illegal strike due to the vandalism and losses incurred,” he said.

Du Toit said this would be in terms of labour laws and they would not [continue reading]