Today's Labour News

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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.

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