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Apr 16, 2009

Real Economy Report

RER 55
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From Creamer Media in Johannesburg, this is the Real Economy Report. Our top stories this week: the Satellite Applications Centre of the CSIR inaugurates a new satellite tracking dish; gold is still on an upward trend; and General Motors is still forging ahead in South Africa.

Shannon O'Donnell:
The Satellite Applications Centre, of the Council for Scientific and Industrial Research, has a new X-band satellite tracking dish. Keith Campbell reports.

Keith Campbell

CSIR Satellite Applications Centre manager Raoul Hodges

Keith Campbell

Raoul Hodges

Shannon O'Donnell:
Gold still appears to be on an upward trend. Mining Weekly's Martin Creamer speaks to GFMS CEO Paul Walker, after this commercial break.

Bearing Man advert

Martin Creamer:
The gold price, which is so crucial to the South African economy, is not an easy price to call in today's volatile financial world. To find out from one of the world's most authoritative sources, the Real Economy Report asked GFMS CEO Paul Walker for his view.

GFMS CEO Paul Walker

Martin Creamer:
Many individuals are getting their hands on gold to counteract the world's financial insecurity. Paul Walker again.

Paul Walker

Martin Creamer:
The Central Banks have been holding on to their gold, which is another indication that even the mighty are placing faith in the yellow metal.

Paul Walker

Martin Creamer:
But the International Monetary Fund is going to sell off some gold, which caused havoc last time it did so.

Paul Walker

Martin Creamer

Shannon O'Donnell:
US vehicle manufacturer General Motors is in trouble, but what exactly does this mean for South Africa's Isuzu, Opel, Chevrolet and Cadillac drivers? Irma Venter spoke to General Motors South Africa MD Steve Koch to find out.

Irma Venter:
The US government has agreed to provide General Motors with bridging finance until the end of May, following which the embattled vehicle manufacturer may be forced into controlled bankruptcy.
GM South Africa MD Steve Koch explains what bankruptcy under US legislation would mean, should General Motors be forced down this road.

GM South Africa MD Steve Koch

Irma Venter:
Koch says a court-protected bankruptcy should see GM emerge as a smaller company, selling a reduced number of brands, and no longer in need of further financial assistance from the US government.

Steve Koch

Irma Venter:
Koch is confident a bankrupt GM will not have a severe effect on GM South Africa's local operations.

Steve Koch

Shannon O'Donnell:
And now for a sneak preview of this week's Engineering News magazine:

Read how Gauteng gets set to take the free out of freeway with the introduction of an electronic tolling system.

We report that Nissan South Africa remains committed to its plans to raise production at its Rosslyn plant to 40 000 units a year.

And, read how the design changes to the fourth-generation pebble-bed modular reactor will delay the construction of the demonstration plant.

And in Mining Weekly this week:

Read our cover story on Toronto, the world's mining finance capital of the world.

Read a report on the view held by Merafe Resources CEO Steve Phiri, that the ferrochrome price can only go up.

And, news that Brazilian major diversified miner Vale has started development of its $1,3-billion Moatize coal project, in Mozambique.

Shannon O'Donnell:
That's Creamer Media's Real Economy Report. Join us again next week for more news and insight into South Africa's real economy.


Edited by: Creamer Media Reporter
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