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COVID-19’s devastating grip on economies may be dominating headlines but in many parts of the world – specifically South Africa – chronic unemployment is arguably, the more debilitating 'pandemic'. With the world record for the highest unemployment rate, close to half our population (44.4%) who are eligible to work, remain unemployed.
After the shocking riots that engulfed South Africa last month, all of us in this beautiful country have cause for deep reflection, regardless of our race, religion, age or political views. Was this a singular event, why did it happen? Few would deny that the inequality in our society, poverty and unemployment of so many are among the root causes.
The massive fire at the warehouse of chemicals company UPL in Durban has created an environmental disaster whose scale is still not clear, and has put the company into the headlines for all the wrong reasons. While the facts are not yet confirmed, it’s clear that the incident holds many lessons for directors and regulators across all industry sectors.
As calm steadily returns after the recent social unrest, analysts are hard at work tallying the cost of the looting and disruption to economic activity. So far, the damage to 2021 growth is estimated at between 0.5 and 1.0 percentage points.
The South African economy, like many emerging and developing economies, has high levels of poverty. As with many such countries, there are three primary objectives to reducing poverty, unemployment and inequity. These three objectives take precedence over almost all other goals.
In what seemed like the blink of an eye, Mozambique’s known natural gas reserves spiked from nearly nothing to over 165 tcf, placing it as the continent’s third biggest reserve holder. It has been almost exactly ten years since Anadarko drilled the well that would give Mozambique its first major gas find in over sixty years of mostly disappointing oil and gas exploration.