Bumpy road ahead for car industry

Posted on: October 17, 2011 by admin

Support provided to the motor industry by the Automotive Production and Development Programme (APDP) is insufficient to enable it to meet the government’s target of more than doubling vehicle production to 1.2 million by 2020. This is the view of National Association of Automobile Manufacturers of SA (Naamsa) president David Powels, who told the CAR conference at the Johannesburg International Motor Show last week: “If we don’t build something on the APDP and don’t address other key roadblocks in this industry we will not get much beyond 600 000 units and certainly not get to the 1.2 million (target).” Powels said “only 8 percent annualised growth” was needed to achieve 1.2 million unit sales by 2020, and the sector had a chance of growing to a sustainable 1 million plus market if the economy grew and the right things were done. However, he stressed that it would “require action and not bumbling along...

SARB's Reserves Fall to US$ 49.7 Billion

Posted on: October 13, 2011 by admin

The South African Reserve Bank's (SARB) dollar-denominated holdings of gold and foreign assets fell by US$1.724 billion to US$49.725 billion in September from US$51.449 billion in August, data released by the Reserve Bank on Friday shows. Net reserves declined $1.195 billion to $47.930 billion from $49.125 billion previously. Foreign exchange reserves were down $814 million to $40.419 billion, while gold reserves also fell $827 million to $6.514 billion. The SARB reported its special drawing rights (SDRs) holdings - an interest-bearing international asset created by the IMF allocated in terms of a member's quota, which is based on its relative size in the world economy - at $2.792 billion from $2.876 billion the month before. The forward position was $6.212 billion from $5.801 in August, while foreign deposits received were at -$8.008 billion from -$8.125 previously. The SARB said the gross gold and foreign exchange reserves and the international liquidity position (ILP) decreased by $1.7 billion...