STATS SA Labour Survey Results Released

Youth unemployment in South Africa surged to 52.4 percent in the first quarter from 51.1% recorded in the fourth quarter of last year. Stats SA said unemployment maintained the 15-year high, remaining unchanged at 26.7 percent despite a slight increase in employment with the formal sector adding 111 000 jobs and the informal sector contributing 93 000. The quarterly employment increase of 206 000 jobs in the first quarter was driven by sectors including mining, which added 1 849 000 jobs, construction 1 431 000 jobs and manufacturing with 1 849 000 jobs NKC African Economics said official unemployment remained very high by historical standards.


Beyond R15 Petrol Price Expected In June

Motorists can expect another massive fuel price hike at the beginning of June, the Automobile Association warned on Tuesday. South African fuel users are currently facing increases of 74c/l for petrol, 81c/l for diesel, and 78c/l for paraffin. The price of petrol increased by 49c/l and 69c/l in March and April respectively, bringing the per litre price for petrol at the coast to R14.21 and R14.38 for 93 and 95 unleaded respectively and R14.38 for 95 LRP.


SAA Needs R21 Billion Over 3 Years

SAA needed to raise R21.7bn over the next three years to turn the company around and make it profitable, CEO Vuyani Jarana said in an interview on Monday. The funding requirement arises from SAA’s turnaround plan, which was to be presented to Parliament’s finance committee on Wednesday. However, after a dispute in the committee in which the ANC tried to close the meeting to the media and public, the presentation of the plan was deferred.


Fracking Set To Go Ahead

Government intends to fast-track the exploration and exploitation of shale gas, says Mineral Resources Minister Gwede Mantashe. Mantashe tabled the budget vote in Parliament on Tuesday, where he explained the development of shale gas as a resource was necessary to transform the country’s energy economy. The southern Main Karoo Basin is considered the most prospective area for shale gas, with a possible estimation of 205 trillion cubic feet (tcf) of gas technically recoverable.


Gordhan Estimates State Capture Cost At R100 Billion

State capture may have cost South Africa R100bn or more, Minister of Public Enterprises Pravin Gordhan told reporters on Tuesday. Gordhan said he would, however, leave it Judge Raymond Zondo’s judicial inquiry into state capture to conduct the full investigation of the matter. He also laid down the law regarding practices of state-owned entities, their executives and their board members.


VW Announces Polo Recall

Volkswagen South Africa has confirmed it will be recalling the 2018 Polo over what it calls “a minor safety concern”. General manager of group communication at VW South Africa Matt Gennrich said: “All new Polos that have been produced… meaning over 8,000 customers in South Africa will be affected. We’ll be contacting all customers.”


ETV Owners To Launch Another News Channel

Etv and eNCA owner eMedia has announced it will launch a second television news channel, eNCA reported. The channel will be named OpenNews and will be broadcast on the OpenView platform. eMedia CEO André van der Veen said the OpenNews channel will launch near the end of 2018 and will be distinctively different from eNCA.


Home Affairs Launches New Biometrics System

Minister of home affairs, Malusi Gigaba has announced that he plans to launch a new Automated Biometric Identification System (ABIS) on Wednesday (16 May). The new identification system will be powered by a sustainable technology and will offer a single view of citizens across the life cycle and their status change at various stages. The new systems form part of an ongoing revamp of home affairs offices around the country.


Currencies: Bcoin R103,683.81 . Ether R8,621.58 . R/USD12.57 . R/GBP17.01 . R/EUR14.89


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