Economy

South Africa 'will not nationalise mines'

South Africa will not nationalise its mines, Mineral Resources Minister Susan Shabangu told the 2012 Mining Indaba in Cape Town, welcoming the report of an ANC task team reaffirming that nationalisation was "not a viable policy" for the country.

South African economy adds jobs

South Africa's unemployment rate fell from 25% to 23.9% in the fourth quarter of 2011. Jobs in the country's formal sector registered the highest year-on-year growth since the end of the recession in 2009, although the informal sector continued to shed jobs.

Vehicle sales start year strongly

While still subdued, South African new vehicle sales in January represented the highest sales for that month for the past five years, with over 48 000 new vehicles sold, driven by strong demand from the rental industry.

SA reaffirms growth, job-friendly policies

South Africa remains committed to prudent economic policies supportive of growth and job creation, the National Treasury said following Fitch's revision of the outlook on the country's sovereign credit rating.