S.Africa,promises,spending,cap business, insurance S.Africa promises spending cap as budget deficit widens
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He also dismissed talk of a crisis in Africas biggest economy, where 100,000 workers have downed tools in the last three months, saying the country was on a firmer financial footing than most developed countries.Financial YearSouth Africas gold mines agreed to a wage deal with unions on Thursday as the bulk of the gold sectors striking miners returned to work under threat of dismissal.Budget DeficitThe returns marked success of a sort for a new tough approach by mining firms, but at least 12,000 gold and 20,000 platinum miners were still pursuing a wave of illegal strikes that have cost Africas largest economy over 10-billion rand ($1.14-billion U.S.) this year, according to the National Treasury.The Treasury cut its 2012 growth forecast to 2.5 per cent from the 2.7 per cent of earlier in the year, reflecting infrastructure bottlenecks and the impact of nearly three months of strikes in the platinum and gold mines.Read More: theglobeandmail.com
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