21 October 2010 Strong rand dilemma Source: BuaNews She said there was no doubt that the rand was overvalued relative to its fundamentals. South Africa’s biggest internal challenge is unemployment, which currently stands in excess of 25%, and there is no doubt that addressing this must be a national policy priority, says Reserve Bank Governor Gill Marcus. “However, if we are looking at job creation as a priority to address unemployment, then current labour legislation, which extends wage determination to all firms in a particular sector, needs to be examined regarding its effects on small and medium enterprises, which should be a focus of growth and employment creation,” Marcus said. Marcus warned that excessive focus on the exchange rate could result in the neglect of other factors, which would constrain growth even with a properly valued exchange rate. She said that the response to the financial crisis, when about a million jobs were lost, showed that South Africa has a fair amount of labour market flexibility. “While we clearly recognise the problem, the solution is not clear cut. The costs of intervention are not insignificant and involve serious policy choices,” Marcus said. “Nevertheless the bank is engaging with the National Treasury, and we are examining the effectiveness and appropriateness of what other countries are doing.” She added, however, that unemployment in the country was of a structural nature, and was not something that could be solved simply by cutting interest rates or intervening in the exchange rate. Marcus said the central bank was aware of the disadvantages of a stronger currency and that it was ready to do what it could to alleviate this situation, adding, however, that “we need to recognise the limits to what can be done”. “The various forms of direct intervention on their own will not suffice, as international experience has suggested. Consideration should be given to combining intervention policies with direct special targeted support measures for those sectors of industry that are hardest hit by the exchange rate developments,” Marcus said. Labour market flexibility “It’s incorrect to look at the interest rate or the exchange rate as the silver bullet that will solve the country’s growth problems,” she said in Pretoria on Tuesday. Structural reforms were required in skills development and education, while skilled artisans were also needed.
A 58-year-old Hajj pilgrim from Tripura’s Sipahijala district passed away at Mecca on Friday due to a cardiac arrest, a family member said. Abdul Saiyad, a resident of Srimantapur village in Sipahijala, had left for the pilgrimage on July 26 along with 150 others from the State. His son, Kamal Hussain, said Saiyad was taken to the hospital on Thursday night in Mecca after he complained of chest pain and uneasiness. He passed away on Friday at 5.45 a.m.He added that Saiyad was buried at a cemetery in Mecca. When contacted, Tripura Haj Committee chairman Md. Jasim Uddin said he will be visiting the house of Saiyad on Saturday. “We are deeply saddened by the death of Abdul Saiyad. I hope his family gets strength to cope with the loss.”
Church, environmentalists ask DENR to revoke ECC of Quezon province coal plant Trump strips away truth with hunky topless photo tweet Hotel says PH coach apologized for ‘kikiam for breakfast’ claim Sports Related Videospowered by AdSparcRead Next Robredo: True leaders perform well despite having ‘uninspiring’ boss PLAY LIST 02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games Photo by Tristan Tamayo/INQUIRER.netSan Sebastian head coach Egay Macaraya doesn’t regret anything after the Golden Stags’ disappointing 78-73 loss to Lyceum in the NCAA Season 93 men’s basketball tournament at Filoil Flying V Centre.“That was everything that we could’ve given, and that was the gameplan,” said Macaraya in Filipino. “We let them shoot from outside but they made those shots.”ADVERTISEMENT LATEST STORIES Don’t miss out on the latest news and information. Ethel Booba on hotel’s clarification that ‘kikiam’ is ‘chicken sausage’: ‘Kung di pa pansinin, baka isipin nila ok lang’ “I really can’t say anything bad against my team because they played good defense.”San Sebastian’s scheme worked for the most part as the Pirates attempted just 14 shots at the basket with seven going in.FEATURED STORIESSPORTSSEA Games: Biñan football stadium stands out in preparedness, completionSPORTSPrivate companies step in to help SEA Games hostingSPORTSWin or don’t eat: the Philippines’ poverty-driven, world-beating pool starsLyceum’s offense came mostly from jumpers with the Pirates converting 19 of their 45 attempts, but the final jump shot was the one that took out the Golden Stags.Jesper Ayaay caught a pass from Reymar Caduyac and hit a gut-wrenching triple from the left corner with 26 seconds left that gave Lyceum a 77-70 lead. Munsayac unsure of severity of ankle sprain MOST READ Lacson: SEA Games fund put in foundation like ‘Napoles case’ View comments Robredo should’ve resigned as drug czar after lack of trust issue – Panelo National Coffee Research Development and Extension Center brews the 2nd National Coffee Education Congress FEU Auditorium’s 70th year celebrated with FEU Theater Guild’s ‘The Dreamweavers’ Despite the loss, Macaraya was still proud of his team’s effort and for sticking to the gameplan he prepared against the Pirates.“I’m very proud of my team because they didn’t give up, they fought until the very end,” said Macaraya whose team slipped to a 1-2 record.
DURHAM, NC – OCTOBER 14: A detailed view of a helmet worn by the Florida State Seminoles during their game against the Duke Blue Devils at Wallace Wade Stadium on October 14, 2017 in Durham, North Carolina. (Photo by Streeter Lecka/Getty Images)Florida State lost a big commitment today. Isaac Nauta, a five-star tight end in the 2016 class, announced on Twitter that he has de-committed from the Seminoles’ program. FSU fans shouldn’t worry, though, according to five-star defensive back commit Levonta Taylor. Taylor, who has been committed to FSU since April, says Nauta will “be back” and tells fans “don’t worry!” He’ll be back. Don’t worry !— Levonta Taylor (@iamlevonta) July 28, 2015Well, that’s a good sign, Florida State fans. The Seminoles’ 2016 class is ranked the No. 3 class in the country by 247 Sports.