ECONOMY

The IMF predicts that next year the US economy will grow at its fastest pace in 10 years, i.e. 3%.
Au contraire, the IMF lowered its outlook for global growth from 3.6% to 3.4% for this year

Why did Botswana outdo all its other African counterparts in terms of financial growth after independence? It is said that this is owing to strong and accountable public institutions, checks and balances on politicians, and the strong homogenous population. Unlike much of Africa, Botswana was determined not to become a testing ground for economic theories. It got richer slowly, the old way. I suspect that we are not entirely in that league

BUSINESS

The best performing fund managers for the 2nd quarter of 2014 were: Coronation Fund Managers, Alan Gray and Ned Group Investments, tied for 2nd spot, with PSG bringing up the 4th highest overall ranking.

The proposed sale of platinum mines may well have been expected. What emerged from this discussion is interesting; Anglo regards as an acceptable ROCE a return of 15%. This, judging by Piketty

PROPERTY

The median transaction price of RDP houses and other forms of subsidised properties in Soweto have increased by more than 500% in the past few years. Non-RDP houses i.e. those that may be termed "township houses" grew by 300%. Lightstone.

In the 2nd quarter of this year houses and remained on in the market on average for 12 weeks, almost 2 weeks less in the 1st quarter. Houses are being sold twice as fast as last year this time and 90% of all purchasers pay the asking price. FNB
In the same vein is a comment by Seef that "owing to a drop in the household debt to disposable income ratio", property investments are on the up and up. It says that the average percentage drop in the asking price to secure a sale, is 8%.

Our Minister of Rural Development and Land Reform has said that providing farm ownership rights to vulnerable groups would enable those affected to use these as collateral with banks and thus empower them. If correct, one wonders why this sentiment is not applied to the land controlled by Chiefs?

PRACTICE

The Minister of Rural Development and Land Reform has introduced an Electronic Deeds Registration Bill. This will allow a conveyancer to execute deeds without appearing in a Deeds Registry. When this Bill is passed, it will all but obliterate the structures currently in place requiring attorneys, local to the deeds offices, to execute deeds on behalf of their more remote client attorneys.

We have all read about the SA Police Services having employed some 1300 police officers who had been found guilty of serious crimes. An attempt by the police to dismiss them en masse was blocked by Popcru on the basis that one cannot dismiss them without hearing each of the cases individually, especially given that most of these officers were employed some time ago contrary to the then guidelines.

One must have sympathy with the class action launched against the TransNet pension fund. Time will tell but it appears that TransNet has siphoned off assets to the detriment of claimants.

Recently our courts took the view that a union may be held responsible for damage caused by its members when rioting. One wonders whether anyone will have the gumption to do the same with the EFF?

CASES & SUCH

Intentional interference in the contractual relationship of another

The general rule in our law is that only the intentional interference with a contractual relationship another constitutes an independent delictual cause of action. Where police threw someone in goal and he, as a result suffers loss owing to his inability to comply with his contractual obligations, the police is not liable for that loss as they had no knowledge thereof. Next time, tell them!
Scott [2014] JOL 31945 (SCA)

Pets on a game reserve

The constitutions of many home owners associations or sectional title schemes provide that one shall not have pets. If the body corporate allows pets and then has a change of heart and wishes to enforce these rights that body corporate may well have waved its rights to enforce its constitution by not acting against all of its members or timeously enough.
Buffelsdrift, Case 58258/2013 N. Gauteng High Court (ask me for a copy).

A developer's liability for rates on undeveloped land within a development

Another evergreen dispute has to do with a developer who refuses or neglects to pay its share of rates and taxes on the undeveloped land within a development. I had thought this to be settled law yet the Pietermaritzburg High Court was called upon to again point out to a recalcitrant developer.
Prospect SA Investments Saflii ['s 2014] ZAKZPHC 39

QUOTABLES

"Commerce is a cure for most destructive prejudices; for it is almost a general rule, that wherever we find agreeable manners, there commerce flourishes; and that where ever there is commerce, there we meet with agreeable manners.