25th August 2008
Monday, August twenty-five, 2008.
From Creamer Media in Johannesburg, I'm Shannon O'Donnell.
Making headlines today:
The CPB Netherlands Bureau for Economic Policy Analysis said on Friday that growth in world trade slowed in the second quarter of this year to its lowest for nearly seven years.
In the three months ended June, world trade rose by only 0,6% at an annual rate compared with the previous three months.
CPB said this was the weakest quarterly performance since the drop in world trade in the final quarter of 2001.
Asset management firm Futuregrowth has raised R140-million from institutional investors. This is to assist lower income housing projects get off the ground.
The company will provide debt funding to property investment and development group, Jika Properties. It will obtain high-yielding residential properties across Gauteng for refurbishment and rental as lower income housing.
The loan facility will enable Jika to buy properties within a 50 km radius of the Johannesburg central business district for long-term investment, as well as to make these available as rental stock.
Australia's competition watchdog has warned that a merged BHP Billiton and Rio Tinto might be able to influence global iron-ore supply and prices.
The Australian Competition & Consumer Commission said that this could lead to steelmakers paying "significantly" higher prices for the raw material.
BHP Billiton is the world's biggest resources company. It formally launched its all-share takeover bid for rival Rio Tinto in February. However, the smaller company snubbed the bid as not reflecting its true value and future prospects.
Also making headlines:
Oil steadies above $114 despite the rising dollar
Transnet is criticised for dragging its feet in awarding tenders
Numsa members end a two-week strike at Union Carriage & Wagon
Gold Fields faces a claim of up to R11-billion over its Western Areas company
Norilsk Nickel's proposed 49-billion ruble buyback is opposed by Rusal
And, the South African government plans more meetings with the communities affected by the Xolobeni project
In political news:
Zambia starts the process to replace the late Levy Mwanawasa
President Thabo Mbeki is told to address poverty
Piracy ransoms are funding the Somalia insurgency
And, Zimbabwe faces a crunch week as Mugabe draws the battle line
That's a round up of news making headlines today. For more on these and other stories, visit engineeringnews.co.za, miningweekly.com and polity.org.za
Edited by: Shannon de Ryhove