The Good... Coal exports power Richards Bay, but the outlook for matrics is bleak

Exports from Richards Bay Coal Terminal (RBCT) in 2010 exceeded the performance of the previous two years thanks to the strong economic growth in China and India.

"The coal terminal exported 63.43 million tons, 2.7% better than 2008 and 3.8% better than the 2009 performance," said spokesman Ravin Maharaj.

"Exports in 2009 were 61.14 million tons, and 61.7 million tons in 2008."

RBCT CEO Raymond Chirwa said: "The significant changing factor is the major economic development happening in China and India, requiring more electrical power and coal inputs into their major factories."

In 2010, 59% of RBCT's shipments were destined for Asian markets and 25% went to Europe. Of the total, India imported 32% and China 11%, Chirwa said. RBCT's performance was achieved with slightly better railed tonnage - 62.86 million tons in 2010 against 61 million tons in 2009.

Chirwa said RBCT hoped 2011 would be a better year for exports that depend on an efficient railway system.

• Harmony Gold has denied allegations of damage by sediment from its Hidden Valley joint venture in Papua New Guinea. The mine is half-owned by Australia's Newcrest Mining.

Harmony, the world's fifth-biggest listed gold miner, said the joint venture would defend allegations contained in a writ served this week by a member of parliament and landowners living along the Watut River.

The writ, which Harmony said was "purportedly" served, alleged nuisance relating to mine sediment and sought damages and an injunction.

• Pioneer Food Group will spend about R1-billion in the current financial year on expansion projects.

"Capital will be spent earlier than previously estimated, to expand the capacity of the pasta facility to cater for increased demand, as well as the strategic expansion of the broiler business through an acquisition in Gauteng," Pioneer chairman Zitulele Combi said in the group's annual report.

Pioneer, which makes bread, breakfast cereal and juices, last year agreed to pay R500-million in exchange for having investigations against it related to unfair competition dropped.

The company also agreed to a R160-million reduction in gross profit over a defined period for a selection of wheaten flour and bread products and a capital expenditure increase of R150-million.

Pioneer also said in December that it plans to buy wine and spirits maker KWV for R828-million.

• Foreigners were net buyers of South African equities in the week ended December 31, purchasing R819.4-million worth of shares, according to data released by the JSE. However, foreigners sold R3.14-billion worth of bonds during the same week.

The Bad

• SIX out of 10 matriculants will not find jobs, according to trade union Solidarity.

"(They) will probably become part of the grim unemployment statistics of SA," said Dirk Hermann, the union's deputy general secretary .

Solidarity attributed this to the education system failing to prepare pupils for the labour market.

"What is more, the pass rate of subjects like mathematics, accounting and physical sciences, which contribute to employability, is extremely poor.

The union's research shows that out of more than 552000 pupils who wrote the matric exam in 2009, only 61% passed. Just 24% of them passed mathematics with a mark of 30% or higher. Less than 10% of matriculants passed mathematics with a mark of 50% or higher and a mere 1.6% obtained a distinction.

Hermann said a matric certificate alone does not offer job seekers a real advantage as an average pass mark for a matriculant is just 30%.

• Samsung Electronics is likely to report its weakest profit estimate in six quarters. The world's top maker of memory chips and flat screens predicted its October-December profits would be below market expectations.

Analysts blamed sluggish demand for computers and flat-screen TVs for steep falls in chip and panel prices.

However, after a weak start, Samsung is emerging as a credible challenger to Apple with its Galaxy S high-end smartphone, powered by Google's Android software. Samsung's Galaxy Tab is also seen by some analysts as the strongest rival to Apple's iPad tablet. (See page 12)

• The French live in one of the richest and safest countries in the world, yet they are global champions of pessimism, fearful of the future and longing for the past, according to a survey published this week.

The BVA-Gallup poll finds that the French are more pessimistic than people in Afghanistan or Iraq who face high levels of violence daily.

French pessimism is nothing new. The French are Europe's biggest consumers of anti-depressants. But their gloomy tendencies have been made worse by rising unemployment and a tense social context that in recent months has erupted in millions taking to the streets to protest against President Nicolas Sarkozy's ultimately successful bid to raise the retirement age from 60 to 62.

• Copper prices fell to two-week lows on Friday, undermined by talk of tighter monetary policy in top consumers China and the US and a stronger dollar.

A stronger dollar makes dollar-denominated commodities more expensive for holders of other currencies. Also weighing on copper was the prospect of commodity index rebalancing, which could lead to large sales of the base metal after an increase of more than 30% last year.

The Week Ahead

MONDAY JANUARY 10

JOHANNESBURG - National Association of Automobile Manufactures of South Africa releases data on new vehicle sales for December

BASEL, Switzerland - European Central Bank president Jean-Claude Trichet speaks at the bi-monthly meeting of the Bank for International Settlements

TUESDAY JANUARY 11

PRETORIA - Stats SA releases November manufacturing production data

PRETORIA - SA Treasury auctions R900-million of its 2018 bond (ZAR204) and R1.2-billion of its 2036 bond (ZAR209) at a weekly debt auction

LISBON - Bank of Portugal publishes quarterly bulletin

MADRID - Spain Prime Minister Jose Luis Rodriguez Zapatero presents a summary of the economy over 2010

WEDNESDAY JANUARY 12

JOHANNESBURG - SA Chamber of Commerce and Industry releases December business confidence index

THURSDAY JANUARY 13

JOHANNESBURG - Reuters December Econometer survey

LONDON - Bank of England announces interest rate decision

FRANKFURT - European Central Bank interest rate announcement

FRIDAY JANUARY 14

WINDHOEK - Namibia releases December CPI inflation data