Carmen Altenkirch News
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South Africa’s rand weakened for a sixth day, set for its longest losing streak in a year, on concern that falling commodity prices and labor unrest at mines are threatening the nation’s credit rating.
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South Africa’s credit rating may come under pressure as growth in Africa’s biggest economy slows and the government faces the prospect of bailing out the state-owned road agency, Fitch Ratings said.
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Ghana’s failure to narrow its budget deficit more quickly may add to debt, threatening a credit downgrade, Fitch Ratings said.
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South African President Jacob Zuma rejected criticism that his handling of the most lethal police action since the end of apartheid has hurt investor confidence in the world’s biggest platinum producer.
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The cost of goods leaving South African factories and mines rose at the fastest pace in 15 months in May, following a pick-up in fuel and food prices.
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South African credit contracted for a seventh consecutive month in April as the ranks of the unemployed swelled following the first recession in 17 years.
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South Africa’s inflation rate fell in March to 5.1 percent, its lowest in almost four years, as a stronger rand and a bumper harvest helped to curb prices.
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South Africa’s debt-service costs, the fastest growing area of government expenditure, are threatening to undermine spending on police, housing and schools as falling tax receipts add to deepening strains on the budget.
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South African reports this week that showed the inflation rate at its lowest in more than four years and economic growth slowing have led some economists to change their outlook for interest rates.
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Unrest at South Africa’s platinum mines is politically motivated by former leaders to undermine the Congress of South African Trade Unions and current heads of the ruling party, Cosatu General Secretary Zwelinzima Vavi said.
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