Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

Mining Weekly reports that Standard Bank chief economist Goolam Ballim warned on Monday that a negative assessment by Standard & Poor’s (S&P’s) on 3 June would most probably trigger a recession and precipitate the shedding of around 200,000 more jobs.  

He also described as “inaccurate” arguments that the downgrade was already fully reflected in the weaker rand, wider credit default swaps and lower equities.  “I have the hope that S&P’s leans heavily towards the qualitative elements within its assessment and provides South Africa with a reprieve.  And I do think it is both probable and plausible,” Ballim said, while noting that it would be sensible for companies and households to prepare for a downgrade.


Get other news reports at the SA Labour News home page