Fin24

Labour unrest hits business confidence

2012-10-03 11:54

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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Comments
  • siphiwo.maurice - 2012-10-03 12:10

    Sad state of economic affairs in the country. Something must be done to better the situation before it is too late. This country, has money and if all pull together, we can overcome this sad state of affairs and prosper as a nation.

      Rob.Trianglem - 2012-10-03 12:26

      @Siphiwo. I couldnt agree with you more. Hope its not too late. I am battling to do my deliveries in Gauteng.

  • Tshepo Gwamanda - 2012-10-03 12:31

    It's important to travel to other parts of the world, see what the world's perception is of South Africa. The once darling of the international community having made a peaceful transition from Apartheid to Democracy!! Sometimes its good to listen to what everybody else thinks of you as a country!! Agencies such as Moody's give that perspective of things!!

      heathway.master - 2012-10-03 14:32

      Maybe the majority population revolution has already started. "Economic Freedom" i.e. taking all the money from the financially surviving, and re-distributing it amongst the illiterate, simply minded, brainwashed, masses. As this attitude gains momentum, the flight of capital and business from this country will begin in real earnest. Jobs will be lost by the millions, and hunger and despair will stalk the streets. This will fan the flames of more destruction, violence and anarchy. Anyone not destitute, will be targeted for retribution, and stripped clean of all assets he may have accumulated over a lifetime of trial and tribulation. South Africa will then just become another statistic, and join the long queue of the other 53 failed African states up North. All chilling, but if no counter action is forthcoming from the Government, all will be as prophesised.

  • neilpretorius83 - 2012-10-03 12:57

    Our government continues to prove itself woefully inept at stemming the tide of unrest and violence which has engulfed the labour sector in this country. I can almost anticipate the 3-step ANC response to the current state of affairs: 1) promising to 'engage' with the various stakeholders, 2) slamming the media's 'biased' reporting on the issue, and 3) continuing to look East, as they suckle that Chinese teet

  • hendrikvs - 2012-10-03 13:17

    Mooi so cancer! Another goal of destruction achieved!

  • jannie.kotze.7 - 2012-10-03 13:17

    You can't expect anything more from the unions (COSATU), ANC and the communists. None of them have any wisdom. They are driven by corruption, greed and thieving from the poor. They have no insight and are to ignorant to understand the damage they have done for their self centred egos. They are the evils of whom we must get rid of.

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