3 November 2007
Posted at 11/3/2007 4:36:00 AM
Jake's resignation is obviously all over the media, but not sure anyone will publish the full press release, so here it is:
Respect, honesty and dignity are among the values of the Springbok squad over the last four years. Given recent press statements indicating why I was not considered for the national coaching role next year I felt obliged to clarify a few points, so as to ensure the Springboks’ incredible success at the World Cup is not tarnished with misinformation or inaccuracy regarding my situation.
The match against the Barbarians at Twickenham will be my last one as Springbok coach and I want to publicly thank the 72 players I have been privileged to be associated with in the last four years. The selectors and I capped 28 new Springboks in 53 Tests and to award a new player his Bok cap is among any Bok coach’s career highlights.
I’ve also had a wonderful support team within the management, most of who started with me four years ago and finished with a World Cup winners medal. I will thank them personally for their contribution when the team gets together and my hope is the decision-makers in South African rugby realize how talented these individuals are and look after them in a way befitting of the sacrifice they have made for South African rugby.
Personally, I am extremely disappointed at the manner in which the message of my supposed unavailability was conveyed to the public on Monday in a South African Rugby Union media release that stated I would not be considered for the job on the basis that I did not apply.
My contract as Springbok coach is clear that I was not obliged to apply and that all considerations would be discussed at my annual review. I did ask for time to consider my options as I was mindful of making a wrong decision based on emotion. This time was not afforded me and that is particularly disappointing.
The purpose of this statement is to put on record my passion for rugby in this country and for the Springboks. Hopefully it will also put an end to all the speculation regarding my perceived motives to stay or go.
For the record: It was the greatest honour to coach the Boks and no one can ever take away the memory of those four years. When I got the job I promised to instill and promote those values I believe should always be consistent with Springbok rugby. In 2004 the Boks were ranked sixth in the world and emotionally we were at a low after the disasters of 2003. I maintained at the time we had good enough players to win the World Cup. In those four years the Springboks won the Tri Nations, won the World Cup, won two International Player of the Year awards, two Coach of the Year awards and twice were recognized by the IRB as the team of the year. In that time we also beat every team on at least one occasion. To those players I want to say thank you. To the support staff an equal thank you.
Not only have you won the World Cup, but you have restored respect for the Bok jersey and you have honoured those values every young boy in this country should aspire to want to live.
I walk away with no regrets, but with plenty of sadness.
This is a time to thank people and from a rugby perspective I can’t emphasise enough the contribution of Eddie Jones in the last two months. The Bok team sponsor SASOL was huge in its contribution, on a personal level and in whatever the squad needs were. So too the input of the other rugby sponsors Vodacom, British Airways, Southern Sun and Absa.
Former President Nelson Mandela was a constant source of inspiration and President Thabo Mbeki was as inspirational in how he connected with the squad. I agree with President Mbeki when he says John Smit for president. We as South Africans have a special son in Smittie and let’s celebrate the qualities of the man.
Finally, to my family, to Deb and the boys I would never be able to thank you enough for allowing me to pursue my dream.
The next guy will need everyone’s support because as wonderful as it is to coach South Africa, it can be particularly lonely at times.
I wish him all the best.
Posted at 4:36 0 comments
29 October 2007
Posted at 10/29/2007 12:07:00 AM
Given the present high inflation, it is useful to rise the prime rate to induce the savings. Rand really appreciate so much.(At the middle of August R7.5 R/$, today 6.5R/$). This gives so much opportunities for people sepnding outside of South Africa, e.g. importing, oversea holidays.
Also the increased tax pressure, credit pressure, how many small entrepreneurs can survive. Even the big companies are suffering huge profit loss.
Government force of BEE, is this redistribution wealth between diffrence races really good for economy?
Inflation, shaking rand, Tax, Credit plus government regulation, they are enough to scare away investors.
The bad news seems coming early, the suddend decreased economic growth.
Finance minister Trevor Manuel could revise growth forecasts for this year lower in his mid-term budget speech next week as recent interest rate rises start to weigh on economic activity.
Manuel might also have to revisit his forecast of a budget surplus as increased government infrastructure spending overturns the impact of increased tax revenues, economic analysts predicted this week.
Growth slowed to an annualised 4.5 percent in the second quarter from 4.7 percent in the first quarter - and 5 percent for last year - held back mostly by poor manufacturing expansion and higher interest rates.
In his annual budget statement in February, Manuel said gross domestic product (GDP) was expected to expand by 4.8 percent this year, before rising to 5.1 percent next year and 5.4 percent in 2009.
Analysts said Manuel might now adjust his forecasts downwards in the face of rising rates.
The central bank has lifted the repo rate by 150 basis points since February, and by 350 basis points since June last year, in an attempt to arrest an inflation spiral that saw the main measure, consumer price index excluding mortgage costs (CPIX), breach its 3 percent to 6 percent target band for six months in a row.
"I think probably there is a possibility of downside revision on growth, because of the restrictive monetary policy that we have entered into," said Mandla Maleka, chief economist in the treasury department at power utility Eskom."He [Manuel] could revise growth, hence he could potentially also revise the budget deficit higher, because of higher interest rates."
In February Manuel said the budget would record its second consecutive surplus in 2007/08, which he saw at 0.6 percent of GDP, before falling back into a small deficit thereafter.
But possible government moves to help state enterprises with cash injections to fund huge infrastructure programmes might get in the way.
Sanlam economist Jac Laubscher said: "I cannot really see how, particularly Eskom, with its huge capital expenditure requirement … can go ahead without some injection of capital from the government.
"That will be one of the things to watch for, and if that was to be effected in the budget then … we might find that going into next year we will now see a projection for a bigger deficit, although not to the extent that it will become a problem."
Some economists want the government to change inflation targeting, with analysts suggesting the central bank has overdone monetary tightening in its bid to bring the CPIX gauge back into range at the expense of economic growth.
"I would like to see some comments about the inflation targeting mechanism [which] I think is overdue for an overhaul," said Brait economist Colen Garrow.
Resource: Manuel may reduce growth forecast
Posted at 0:7 0 comments
21 October 2007
Posted at 10/21/2007 11:35:00 PM
By Arlene Song
Interesting when you heard all of the people around you talking about the same thing: because the government wants to reduce the spending.
Yes. I agree with the reducing the spending. Ok, which kind of spending they are trying to reduce?
House, Credit Card, Car...consumption. Everybody agrees with the house and credit.
So does everyone know why to reduce spending?
South African government tries to stabilize the rand exchange. Everyone knows rand violates too much. It gives a lot of arbitrage opportunities on the forex market. That is not important. Government does not care so much how much money speculators are earning. They do care about their privilege. Adding the political facts, South African government of course do not want to this when foreigners talking about SA economy, they will deny it quickly by quoting the weaker or violating rand. This is worrying them day after day. So if South African government wants to express the world, they had to do something. They already did one thing to stimulate the employment, oh, at the expense of today’s high inflation. The second thing, they want to stabilize the rand. “Please do not depreciate”. Facing the US crash pressure (which actually gives too much forces on the rand depreciation), they finally decided to raise the prime rate again to hold on the rand depreciation.
But it is do bad to hear SA importers use the overpriced rand exchange to benefit the high price inflation. It is the worst to know South Africa is always trade deficits.
Thank for the stabilized rand. So many up class people can enjoy their Christmas Holidays overseas some place whose consumption price not scaring consumers away. All my professors already planned to go spending their Christmas overseas. At the time, I finish my exam, they will go.
Do you realize how many chance South African government may be able to reduce spending by raising the interest rate to stabilize Rand.
Posted at 23:35 0 comments
20 October 2007
Posted at 10/20/2007 2:55:00 PM
Leading Indicators
Average workweek of production workers in manufacturing
Average intinal weekly claims for state unemployment insurance
New orders for consumer goods and materials, adjusted for inflation
Vendor Performance (companies receiving slower deliveries from suppliers)
New orders for nonmilitary capital goods, adjusted for inflation
New building permits issued
Index of stock prices
Money supply: M2 adjusted for inflation
Spread between rates on 10-year Treasury bonds and federal funds
Index of consumer expectations
Conicident Indicators
Manufaturing and trade sales
Employees on nonagricultural payrolls
Industrial production
Personal income minu transfer payments
Lagging Indicators
Average duration of unemployment
Inventories-to-sales ratio, manufacturing, and trade
Chnange in labor cost per unit of output, manufacturing
Average prime rate
Commercial and industrial loans
Consumer installment credit to personal income ratio
Change in sonsumer price index for services
Posted at 14:55 0 comments
20 August 2007
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Posted by Stone Age at 8/20/2007 5:06:00 PM |
World is becoming so fast now, boisterous cities with all the colors of rainbow, I cannot find myself. If you link my peaceful little stone house, come have a .... cup of water. |
Everyone's life is as different as the fingerprints on their hand, unique to them alone! It is the people in each person's life and the experiences they face that shape their life, but the biggest influence on a person's life is their parents…it is said that it's a parent has the capability of molding a monster or a person.
Most people seek happines
s and security in their life, spending the biggest part of their life trying to get that! Many believe family and friends will bring happiness and money will bring security. But not many achieve the life they desire! The choices they make will help they to succeed in this fight or will be the reason why they fail.
Life is so unpredictable you never know for certain what the out come will be over anything, but of two things we are sure we were born and we will die. One of the biggest questions people ask is what is our purpose in life, why are we here? For many they will never find that answer the rest will just believe they have. But what is the driving force in life, what is it that keep us going when times seam really bad? ......Most believe it's hope and with out it we would cease to exist the story of Pandora's box shows many why hope was given to us, and why we need it in life… maybe nothing more that a story but it's still a good one.
But for most people we have a desire to live a desire to never die. We spend money and time trying to find a cure to old age and death…we want to prolong the life we have even if in our life we not happy....continuously believing and hoping our life will get better and we will find true happiness. So we will continue to try and find the remedy for immortality in the hope that we can or die trying.
Posted at 17:6 0 comments
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