Empower People so There is no Destabilization: Zuma

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March 7 (Bloomberg) –- South African President Jacob Zuma discusses his economic and political policies and the ongoing strikes in the country with Bloomberg’s Caroline Hyde in a one-on-one interview. She speaks on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

Through his economic and political policies.

Here with more is caroline hyde.

Concern for many investors has been the ongoing strike in south africa.

Did he comment on that?

He did.

The association of mine workers and construction union has been on strike for six weeks now.

That is about 70,000 members.

We know the effect it is having on platinum mines.

Prices are up eight percent this year.

Reducers are saying they have lost more than $650 million in revenue.

The workers themselves are forfeiting half of that, almost $300 million since it started in january.

Longman -- lonmin is one of the traded miners.

They say they will not meet their target.

The workers want their wages to be more than doubles.

Three years is fine.

That is the minimum amount of time to give us that rate.

Not much, $12,500. $1000 is what they want the minimum entry level paid to be.

The company says that is unaffordable.

They will give a 44% increase.

Clearly at loggerheads here.

State mediators say the gap is too big.

Jacob zuma telling us we need to find a solution, but it does not seem to me like he is coming up with answers yet.

Talking to both to say let us find a solution to the problem.

We play that role.

The workers say no.

That you must consider.

What is going to happen to the economy itself?

On the other side, the employers must concede.

What that is going to do, that is our concern.

He seems to be recognizing the disagreements, not coming up with solutions.

These strikes were deadly in 2012. this is a real concern.

The strikes are not just about mining, perhaps a dimmest ration of water frustrations among black workers.

How do they tackle that?

This is a clear illustration, disillusionment among many of the block -- the black population in south africa.

They feel like the distribution of wealth is not happening quickly enough to look at the anc report.

Elections in may have fallen 10% in the last year.

They have a 53% support, we understand.

Jacob zuma is acutely aware.

They have had power for two decades.

This is the system -- the stiffest competition they will have yet.

Government will try to push ownership in the economy.

You have to establish the black economical power so you can deal with this to empower people.


So that there is no destabilization.

Those who have been running the economy, how do we bring in others into that system?

I think we will hear him repeat these phrases a lot in the run-up to the elections.

The case still stands.

Whites still earn, on average, six times more than black employees in south africa.

Nelson mandela was booed a couple of days ago a -- he was booed at the nelson mandela memorial a couple of days ago.

Saying it is not personal.

It any other government leader or president was booed, i think they would take it personally.

It must be hard.

Thicker skin than many.

Coming up, are the foreign

This text has been automatically generated. It may not be 100% accurate.


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