| SOUTH AFRICA
|
Durban market problems continue
October 14, 2009
Several traders previously opposed to Durban's controversial market development on Wednesday changed tack and demanded it start immediately.
More than 100 of them marched from Durban's Curries Fountain stadium to the city hall where they were expected to hand over a memorandum.
When the plan to give Durban's early morning market a facelift was announced five months ago, traders fiercely opposed it.
The municipality wanted to put a multi-million rand development, which would include a shopping centre, on the site.
Traders complained they were going to lose business if the project went ahead and took the eThekwini municipality to court.
However, on Wednesday the group wanted the project to go ahead immediately, saying it would benefit them.
Nathi Mbatha, one of the march leaders, said traders who continued to oppose the project had their own "hidden motive".
"We know that they have their own motive and we are not going to entertain them. The municipality and the provincial government have engaged us on this matter and we believe that the project should start now," said Mbatha.
Roy Chetty of the Early Morning Market Support Group said his organisation condemned traders who organised the march, saying that the protesters were promoting the interests of big businesses.
We know that they have made a deal with the municipality. We really condemn what they have done because it will not help hundreds of traders who stand to lose their living.
He said the traders who marched had betrayed hundreds of traders who opposed the demolishing of the 99-year-old market.
Chetty vowed his organisation would continue opposing the demolition of the market, saying the new development would not be a win-win situation.
He accused the municipality of using the divide and rule tactic when dealing with traders' concerns.
They have not engaged us in good faith. What they are good at is to divide us as traders.
They now speak to one group of traders which now support the demolition.
Two court applications were lodged recently against the development.
Advocate Jay Naidoo filed an application on behalf on the traders, asking the court to stop the demolition.
The second application was lodged by the Legal Resource Centre. - Sapa
|
|
|  | | | Inside Business
Draft code requires institutions to disclose voting
In what could be the most significant corporate governance development in over a decade, a draft copy of the institutional shareholder code for responsible investing was released for discussion yesterday. The code, which requires public disclosure of voting records and policies, is set to have a significant impact on the way in which the country's R1.5 trillion investment fund industry is managed.[Full Story...]
| | | | Features
SA needs to adapt to keep high standard of accounting
South Africa has long been reputed to produce some of the world's best auditors. This was given credence when the World Economic Forum's Global Competitiveness Survey for 2009 to 2010 ranks us second out of 133 countries for our auditing and reporting standards. We are in the top 10 for eight other measures of financial market sophistication, and for a country that is only the world's 24th largest economy measured in terms of gross domestic product (GDP), this is good going.[Full Story...]
| | | | Business Watch
Local strikes are giving global car makers the jitters
THE South African economy and motor manufacturing industry workers could pay dearly for the persistent disruption to new vehicle production in the country. The strikes in the new tyre and automotive component manufacturing sectors follow the strike last month by motor manufacturing workers, which resulted in some manufacturers losing export revenue.[Full Story...]
| | |
|
|
|
|
News
Markets
Technology News
Company News
International
Today's Quote
"Make no mistake, they are bowed, but not completely beaten" Who said that?
|
Business Forum
Keep an eye on the stock exchanges - and your investments - from our markets page.
|
Belt tightening has made a dent even in those industries aimed at making people look prettier, perkier, poutier and, of course, younger.
Read more ...
|
|
