Wednesday, April 27, 2016

The recession bites in South Africa

 Tens of thousands of jobs in mining, metals and engineering are at risk in South Africa as firms cut costs due to the commodity rout. Trade union Solidarity says that as many as 58,549 workers in South Africa could lose their jobs this year across a number of industries. It said that more than 29,000 jobs could go in the mining sector, as well as 8,000 in the metal and engineering industry.

South Africa — which exports vast quantities of platinum, manganese and iron ore — has been hit hard by resource companies cutting costs in the face of declining profits. They've been hurt by sharp falls in commodity prices due to oversupply and slowing demand growth in top consumer China.

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