Business

Workers in the petroleum, chemical, pharmaceutical and paper industries are preparing to strike if a wage dispute is not resolved. Plans to build a multi-billion-rand power station in PE have been submitted formally for government approval, the Coega Development Corporation (CDC) announced yesterday. Share prices rose worldwide yesterday as record profit at investment firm Goldman Sachs and better-than-expected US retail sales raised hopes. The price of petrol may drop in August by as much as 20cents. Illovo Sugar expected to produce 1.98 million ton of sugar this year, 275 000 ton more than the previous year. Ideal growing conditions across much of the Corn Belt so far this summer point to the second-largest US corn crop ever. Kenyan wheat production in most parts of the North Rift is set to decline due to erratic rainfall.

General

More than 50 countries are attending meetings of the Non-Aligned Movement, set to open in Egypt. Government is committed to halving unemployment and poverty by 2014 despite the global economic downturn, Minister Trevor Manuel said. Final arrangements for the transition of the Scorpions crime fighting unit into the Hawks have been made. SpaceX achieved another milestone for private space travel on Monday by carrying a satellite into orbit.

Comment

Kenya could import more maize as its wheat crop is expected to be smaller. Higher share prices and improved US retail sales indicates the world economy is setting for recovery.