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May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 24 2012 15:29
The Reserve Bank will maintain current interest rates, says governor Gill Marcus.
May 24 2012 12:00
Britain fell deeper into recession than initially thought in the first quarter of 2012, upping chances that the central bank could inject more stimulus into the economy.
Pretoria - South Africa launched a new initiative on Monday to tackle the country's gaping skills shortage, saying a "revolution" was needed to tackle what is widely seen as the main obstacle to faster economic growth.
"Nothing short of a skills revolution by a nation united will extricate us from the crisis we face ... the most fatal constraint to shared growth is skills," deputy president Phumzile Mlambo-Ngcuka said on Monday.
South Africa's government wants to boost growth in the continent's biggest economy to an average annual rate of 6% by 2010 to ease widespread poverty among the black majority and reduce a jobless rate of more than 26%.
Part of that effort involves spending R320bn on infrastructure over the next few years, but top officials have acknowledged that a lack of skills may obstruct those plans, and are already hampering service delivery.
Mlambo-Ngcuka said the government had put together a task team which would establish a data base in 18 months detailing what skills South Africa needed and how it could acquire them.
People who had left key professions would be recalled and the government would look "all over the world" for required skills, she said.
Key areas included engineers for transport, communication and energy sectors, along with city and urban planning experts and artisans like welders, plumbers and technicians.
"For retired skills the focus is on people with previous exposure to water reticulation, sanitation projects as well as
retired chartered accountants," she said.
South African immigration lawyers said last month that bureaucratic delays in granting work permits are denying
South Africa skilled foreigners needed in the sectors key to boosting economic growth.