Foreigners are reportedly starting to sell their assets in black-ruled South Africa. They were net sellers of $1.092bn worth of South African shares in the week ended October 30 after net purchases of R1.885bn worth of local shares the week before, according to figures released by the JSE. Foreigners bought R10.314bn and sold R11.407bn of shares last week. In the year to date, foreigners have been net buyers of R70.712bn worth of shares compared with net sales of R49.192bn of shares in the same period last year.
The Rand sold at 7,98 to the US Dollar, 11,78 to the Euro, and 13,07 to the British Pound.
In a revealing move, the (black) National Union of Metalworkers (Numsa) has called for the nationalisation of the wealth of two of South Africa's most prominent empowered and enriched black men, millionaires Patrice Motsepe and former ANC terrorist Tokyo Sexwale. This comes after South Africa's "Rich List" was published by the Sunday Times on Sunday. The list, compiled by Who Owns Whom, showed that Motsepe was the richest South African with R14.2bn, with Sexhale close behind. "This obscene and massive wealth is being reported by the Sunday Times in the midst of the revelations that South Africa has apparently taken over Brazil as the most unequal country in the world ever," said Numsa spokesman Castro Ngobese. "We strongly believe that our National Democratic Revolution (NDR) as encapsulated in the Freedom Charter was never meant to reproduce or replace a White capitalist class with a Black capitalist class or co-opt connected politicians to join exploiters."
Rob Davies, the Azanian (New SA) Minister of Trade and Industry, has admitted that the recession has wiped out 959 000 jobs and hurt many industries "It's anybody's guess how the economy will perform (in the next 18 months), but job growth will lag the recovery. Even when we were growing South Africa did not crack unemployment…”
Observers have pointed out that, like in communist countries of Eastern Europe, South Africa’s ruling ANC/Communist regime always has many ‘plans’, coupled to ringing buzz-words. Davies said the heavy job losses meant that "we must move ahead energetically with the response plan to the financial crisis and the new industrial policy". A new ‘industrial policy’, to be released next year, included a combination of, quote, support and regulatory pressure, unquote. Davies said research done by the Department of Trade and Industry showed that the manufacture of medium-technology products, such as automotive components, had the most potential to create decent ‘sustainable’ work. Job losses in the automotive industry have been particularly heavy as exports plummeted 45 percent and local sales dropped 35 percent.
Norman Lamprecht, an executive manager at the National Association of Automobile Manufacturers of SA (Naamsa), said in the second quarter employment in the vehicle manufacturing industry at 33 400 was the lowest in 22 years… Other manufacturing industries have also been hard hit and overall manufacturing has shed 194 000 jobs in the year to September. Brian Brink, the executive director of the SA Textile Federation, said the industry's woes were compounded this year by the recession, resulting in the loss of about 7 000 jobs to 43 000. There had been significant closures of large mills, including Sans Fibres, Frame Textiles' vertical operation, SBH Cotton Mills and a few smaller firms. In the year to September the trade sector, which includes hotels, restaurants and retailers, was the worst affected, with 324 000 jobs lost.
An arson case has been opened at the Joburg Central police station after the Rissik Street post office was burnt down on Sunday evening. Joburg Emergency Spokeswoman, Nana Radebe said they have completed their investigation and have now handed the matter to the police. "We could not determine the cause of the fire," said Radebe. Numerous buildings in Jiohannesburg have been burnt down since the city centre was flooded with black squatters, who took over buildings without paying rent. Many fires have been linked to drunks, candles and electrical faults in wiring ripped out and illegally linked up to tap electricity.