Business

South Africa's competition authorities had more leniency or immunity applications in respect of cartels than any other regime in the world. Retail sales fell 4,2% in May, compared with the year before, an improvement on the 6,9% of April. Anglo American's coal unit plans to mine for coal in the Waterberg area within 10 years. Anglo Platinum expects a fall in interim earnings a share of between 65% and 75% after commodity prices declined. SACCI's trade activity index, which reflects the survey on current trade conditions, remained virtually unchanged at 39 last month after measuring 40 in May. The construction sector strike that targeted 2010 Soccer World Cup infrastructure projects came to an end, settling on a 12% pay rise. China 's gross domestic product expanded by 7,9% on year in the second quarter. China ’s foreign exchange reserves balloon at a record pace in the second quarter to top the $2 trillion milestone. Monsanto announced it is expanding its strong seeds and traits portfolio to include wheat.

General

New Zealand escaped serious damage after a magnitude-7.8 earthquake struck off South Island, triggering a tsunami alert that extended to Australia. In Iran 168 are people feared killed in the crash of a Caspian Airlines plane. Nasa finally launched the shuttle Endeavour last night on a 6.6 million-mile mission that will set a record for the biggest get-together in space.

Comment

With China ’s growth surging again, its demand for raw materials will escalate. Lower interest rates seem to be filtering through as the fall in retail sales have slowed down.