July 6, 1998 |
What do you wish for when the money in your wallet has lost nearly a quarter of its value in the past several weeks and experts warn that the squeeze is not over? A weekend. South Africans of all colors, means and political persuasions--even those with no interest in things religious--were basking Sunday in the Day of the Lord, perhaps more appropriately known in recent weeks as the Day of the Merciful Currency Gods.
June 29, 1998 |
South Africans may not know it, but when the country awakes today, it is likely to be a poorer place. Unprecedented aid from the central banks of Britain and the United States failed to stem a collapse in the value of the country's currency on world foreign exchange markets last week. The rand crashed 8% against the dollar in 24 hours--crushed in a monthlong attack after a worldwide emerging market crisis made it an easy target for currency speculators.
May 30, 1998 |
Back in 1895, mining magnate Barney Barnato deemed that a place as prosperous as Johannesburg--then a booming gold-rush town--needed a world-class hotel to flaunt its success. Barnato bought a block of land at Eloff and Commissioner streets, and although his untimely death and the Boer War delayed plans, the luxury Carlton Hotel opened its doors a decade later.
May 2, 1998 |
The bumpy dirt road weaving through the sugar cane fields here to Peter Watson's crocodile farm is well traveled by motorists seeking a close encounter with Africa's wild side. Thank goodness for that, Watson says. Crocodile tourism is keeping his commercial farm afloat these days. "I haven't sold a crocodile skin since October," he says. "A large amount of our skins end up in the [Far] East, and the market has dropped off entirely."
January 17, 1998 |
Things have never been so good--and so bad--for South Africa's notoriously exploited gold miners. The good news is that more of them are surviving each day's work. Preliminary data show fatalities and injuries per 1,000 laborers dropping last year to one of the lowest levels, due in great measure to a new mine safety act that outlaws deadly conditions of the apartheid era.
February 15, 1996
South Africa Growth at 7-Year High: The country's economy grew by 3.3% in 1995, compared with 2.7% in 1994, the Central Statistical Service said. But the pace of growth in gross domestic product slowed somewhat in the fourth quarter as manufacturing started to run up against capacity constraints. Most economists said the recovery should regain momentum this year, buoyed by a strong rebound in agriculture after parched farms received the best rains in years. Annualized GDP growth dipped to 2.