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Labour unrest hits business confidence

Oct 03 2012 11:54
Reuters

Johannesburg - Business confidence in South Africa fell again in September after a rebound the previous month, weighed down by a wave of mostly illegal strikes that have hit the mining sector in particular.

The Business Confidence Index (BCI) shed 3.3 points to 91.7 in September, not far off a 12-month low of 90.9 reached in July, data from the South African Chamber of Commerce and Industry (Sacci) showed on Wednesday.

“Recent developments in the domestic labour market weighed heavily on the BCI,” Sacci said in a statement, alluding to strikes by as many as 75 000 miners that have hit platinum and gold mining firms and further threatened the country’s shaky growth prospects.

The business grouping was also concerned about Moody’s downgrade of South African debt last week and its drop by two positions in the 2012/2013 World Economic Forum competitiveness rankings.  



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