South Africa’s Latest Job Numbers Out Today

Posted on October 31st, 2017
Biz News

Today's Top Entrepreneurship And Business Stories (31 October)

 

Statistics South Africa will today announce South Africa’s job statistics for the third quarter of 2017 at around 11:00 in Cape Town.

The quarterly labour force survey, as it is called, reflects the growth in employment numbers across various sectors in the economy.

South Africa’s unemployment rate has been rising steadily for the past nine years.

Unemployment in the country hit the highest levels since 2003 in the first quarter of this year at 27.7%. It was unchanged in the second quarter.

South Africa’s unemployment rate counts as one of the highest in the world and is the most severe of all African countries, with young people being the hardest.

Petrol, Diesel Prices To Increase In November

The price of all fuel will increase with effect from midnight on Tuesday, with the drivers of diesel vehicles hardest hit.

The price of all grades of petrol will increase by four cents a litre, while diesel (0.05 percent sulphur) will rise by 23c/l and diesel (0.005 percent sulphur) by 27c/l, the energy department said in a statement on Saturday.

The wholsesale price of illuminating paraffin would increase by 21c/l and the single maximum national retail price (SMNRP) by 28c/l. The maximum LPGas retail price would increase by 17c/kg.

The department said the main reasons for the fuel price adjustments were the rand/US dollar exchange rate and the prices of petroleum products in the international markets.

The rand weakened, on average, against the US dollar (from 13.13 to 13.62) during the period under review. The average international market prices of petrol and illuminating paraffin decreased, while the diesel prices increased. This led to an over-recovery of about 17c/l on petrol and about 2.5c/l on paraffin. Also, the average Brent Crude oil price increased slightly from US55.99 to US56.59 per barrel during the period under review. (via African News Agency)

Shoprite To Enter Kenya

Shoprite Holdings is in talks to open its first stores in Kenya, according to a Fin24 report.

“We are currently in talks with some of the property owners but nothing has been signed,” Shoprite director Gerhard Fritz said in an emailed response to Fin24.

The chain is expected to take over the retail space left empty by the struggling Nakumatt Holdings chain.

Africa’s biggest food retailer is awaiting the outcome of merger talks between Nakumatt and local rival Tusker Mattresses before deciding whether to proceed, he said.

According to the report, the move into Kenya would represent a major step in the expansion of Shoprite as it seeks to strengthen its position outside South Africa, where consumer confidence has been weak because of sluggish economic growth.

Shoprite has 2 689 stores in 15 countries across the continent at the end of its last fiscal year, according to its annual report.

Shoprite faces competition in Kenya from retailers including Game – owned by South African retailer Massmart Holdings, which in turn is controlled by Wal-Mart Stores – Carrefour of France, run by franchise holder Majid Al Futtaim Holding, and Choppies Enterprises of Botswana. Local grocers include Chandarana Foodplus Supermarkets and Naivas Supermarkets. (via Fin24)