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ECONOMY

There is not much news in the economy at present. One development, very much in the background, is a push by the Bank of International Settlements that central banks raise their interest rates. It takes the view that the very low interest rates will give rise to all kinds of long-term evils, such as too much debt, the and the mining of long-term saving institutions, market bubbles, and in decreasing exposure to new financial unravelling and shock. Time will tell whether the policy of implementing QE will do more good than bad?

The KZN economic barometer, published by Schussler this week past, held few surprises. Slower growth is predicted coupled with increased stress.

An interesting aside came from Schussler in which he discusses the calculation of the SA Gini coefficient. Our Gini of 0.69 is calculated solely on income, prior to taking into consideration taxes and the like. If one takes into consideration social grants, free education and health care, our Gini coefficient drops to 0.52. If one takes the progressive nature of our tax system into consideration he says that it could drop to 0.47. The conclusion that he reaches is that our inequality is driven by the lack of jobs and not necessarily by the difference in income levels.

BUSINESS

Sasol

PROPERTY

Sotheby

PRACTICE

We have all read about the stalemate in the KwaZulu Natal branch of the Law Society. Given that the BLA and Nadal have an equal number of members in that board, one wonders why it is necessary to walk out when they do not get their way?

A wonderful piece of nonsense has emerged from the SABC on the appointment of its controversial CEO. The Minister says that the Public Protector's finding was revised by an independent credible legal opinion. She, however, declined to inform us who the independent legal fellow was.

I can understand why the saying that

CASES & SUCH

The parol evidence rule and admission of extrinsic evidence in the interpretation of contracts

An evergreen problem for commercial lawyers is the question of when extrinsic evidence may be led in order to supplement a written contract. An article on this by Cornelius (UP) ex the 2013 TSAR805 is available. Do ask me for a copy.


Rescission of judgements

QUOTABLES

Gary Lineker:

WEIRD & WONDERFUL

"Like beasts, the militant madmen among you creep in the shadows for their prey, to satisfy their lust for revenge and the retribution. They disgrace you as a people and a nation, while poisoning the next generations with hostility and disdain, robbing them of the future and destroying the little hope left to live in harmony and peace." "You, is that I Lees and Palestinian leaders and people, must come to terms with the reality you refuse to face. You are stuck; there is no escape and no future without the other." Dr Ben-Meir, Centre for Global Affairs

Twenty two municipal councillors were fired by the ANC for voting against a corruption

LIGHTEN UP