South African households are poorer than they were in 1975, largely due to recessionary factors, according to the Momentum/Unisa Wealth Index for the fourth quarter of 2012.

Economists and scholars who compile the wealth index said on Friday that in real terms, the estimated average wealth of households was lower in 2012 than in 1975.

Their analysis indicates that real wealth per household on average decreased by 0.04 percent a year over the period, declining from R326 000 in 1975 to R287 000 in 2012.

A further breakdown shows that between 1975 and 1994, real net worth per household on average decreased by 1.8 percent a year.

“The decrease in the real net worth per household over the period 1975-2012 is a real cause for concern and policymakers, the private sector, trade unions and households themselves should all take responsibility in ensuring a larger emphasis on households’ asset accumulation,” said Bernadene de Clercq, the head of the personal finance research unit at Unisa’s Bureau of Market Research.

The report says that the impact of the 2008 economic recession on households was severe, taking five years of accumulation off their wealth, which “might force households to postpone their retirement or start saving more”.

The methodology for the index deviated from expressing wealth in terms of income as is usually done, but rather considered households as possessing balance sheets comprising assets and liabilities, which are checked against each other.

For example, the index said, many households were income-poor but rich in assets, indicating the importance of also monitoring household wealth to arrive at a more comprehensive understanding of the true financial health of households in the country.

In terms of the fourth quarter, collectively households experienced a second consecutive strong increase in their nominal wealth due to a strong increase in the value of household assets, despite mining strikes that dented confidence, mediocre domestic growth and a slow international economy.

Johannesburg – An MP has brought charges against Johannesburg metro police for allegedly crashing into her car and insulting her, The New Age reported on Monday. 

She thought she was being hijacked when metro police officials confronted her in Sandton on Friday, arts and culture portfolio committee chairwoman Thandile Babalwa Sunduza told the newspaper.

After telling them she would park her car to avoid blocking traffic, Sunduza reportedly said she “heard a big bang” and realised a metro police 4×4 had crashed into her car. About 10 metro police surrounded it.

“It was traumatic… The female officers were calling me ‘isifebe’ (a “whore”) and a dog,” she was quoted was telling The New Age.

She said she was threatened with arrest for talking on her cellphone while driving, but reportedly claimed both her cellphones were in the car boot.

Sunduza had brought charges of intimidation and malicious damage to property against the metro police officials.

Police spokeswoman Captain Kym Cloete told the newspaper no arrests had yet been made, and Johannesburg metro police spokeswoman Edna Mamonyane said a separate, internal investigation had been launched.

“If [the metro police] are in the wrong, action will be taken against them,” she said. – Sapa

By Obakeng Maje

Makgobistad-A 20 year-old cyclist died after he was allegedly knocked down by a VW golf(silver) in Disaneng village, near Makgobistad.

According to police a victim was crossing the road when he collided with a car.

“A 20 year-old man was declared dead by paramedics in disaneng village after he was knocked down by a car” colonel Sabata Mokgwabone said.

The police found the driver on the scene and a case of culpable homicide was opened.

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By Obakeng Maje

Morokweng-A 34 year old man perish in an accident after the car they were travelling with overturned in Morokweng.

The accident took place at Morongwa/Lennisdale road in Morokweng, near Ganyesa on Saturday.

“A white hilux bakkie overturned after its tyre burst. Three occupants were taken to a local hospital for after they sustained injuries” captain Aafje Botma.

“Unfortunately a driver perished in the results of accident and was declared dead on their arrival at the hospital” said police.

Police investigations continue and a case of culpable homicide opened.

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By Obakeng Maje

Bethanie- North West police are investigating a case of murder after a woman was found dead in her bedroom in Bethanie.

Police said a 57 year-old woman was found lying on a matress with stains of blood on it.

“A 57 year-old woman was found dead on saturday at around 04:30” captain Aafje Botma said.

According to information received,her legs were tied together and she suffered bruises around her neck police said.

Police could not declare if she was raped and are still waiting for postmoterm results.

Investigations continue and no one has been arrested yet.

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By Obakeng Maje

Taung-The residents of Taung and its surroundings will engage in a mass protest after they show unhappiness regarding Justice system in the area.

CPF and other Non-profitable organisations in the area will be part of the movement.

This came after few cases been thrown out of court.

One case that left residents of Taung suprised, is when the court struck Monnahela(sangoma) case out of the roll.

Monnahela was arrested after being accused of killing his girlfriend Mosetsanagape Seopi,23 who originated from Schweizer-Reneke.

Seopi’s mutilated body was found floating in a river in Mokgareng village a year ago.

According to reports, the march will start from Taung Hospital while other group will commerce from Ext 6.

K Pako community Forum spokesperson told Vaaltar FM news on Friday that the march does not only dedicated to court.

“The memorandum will not only be handed over to court only. The whole justice system in the province will receive our grievances” she said.

According to organisers,they are not happy about the service delivered by Saps, Investigating Officers allocated to various cases and believe the justice system is in shambles.

Our crew tried to get the Justice system in the province to answer allegations levelled against them, but our attempt was futile.

The mass is expected to be joined by Schweize Reneke residents too.

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Johannesburg – At least 20 people were left homeless on Saturday when a fire destroyed 20 shacks at an informal settlement in Coronationville, west of Johannesburg, emergency services said.

The cause of the fire is still unknown, but it was suspected that an unattended paraffin stove may have sparked the fire, spokesperson Robert Mulaudzi said.

The fire started at 17:00 and no injuries were reported.

– SAPA

While residents live in sewage, municipal report reads like farce.

Missing: two wooden poles, which a struggling North West municipality says cost it R3.05 million.

The pricy poles are listed on the Madibeng Municipality’s asset register, but Auditor-General Terence Nombembe and his team could not find them when auditing the municipality last year.

Madibeng lies just outside Pretoria and includes Brits.

The poles – the kind used to link power lines to each other – were allegedly erected in Oukasie, a township in Brits.

In the streets of Oukasie, there are mounds of rubbish and puddles of sewage.

There are poles too, though it’s not clear which two might be the subject of the Auditor-General’s consternation.

The asset register records the cost of an 11m pole as R1.2 million. Madibeng forked out R1.85 million for a 9m pole.

A leading electricity industry source said a 9m wooden pole should cost R550.

The average price for an 11m pole, the source said, was R1 000.

The poles are just two items on the asset register that could not be located by auditors, according to the AG’s interim management report.

The total value of items missing, or unaccounted for by the Madibeng Municipality, is R1 billion.

Other items are “land for park”, which cost R1.1 million; a visitors’ chair with a price tag of R828; and an office and toilet worth nearly R1 million.

All these details are contained in an interim management report, dated June 2012.

The municipality initially told City Press it did not have a full copy of the report.

Then it said the figures didn’t relate to just two poles, but rather referred to all the poles purchased for an electrification project.

But the report refers specifically to just the two poles. Municipal spokesperson Lebogang Tsogang said: “It should be noted that the developments happening in the Oukasie area included aerial electrification with a use of a number of wooden poles.

“The quantities of wooden poles accumulated from one phase to the other, which ultimately formed an asset base for the municipality.”

Last year, Madibeng Municipality went to court asking not to be placed under administration by government.

Richard Baloyi, the minister of cooperative governance and traditional affairs, ordered an investigation into allegations of maladministration, fraud and corruption within Madibeng.

Nghamula Nkuna, a spokesperson for Baloyi’s ministry, said: “If the council fails to recover the funds, or no steps are taken, they will have failed to govern

and will be placed under administration.”

For more  www.citypress.co.za

Jouberton-Police are investigating an armed robbery after a man was robbed at gunpoint.

The gruesome event took place on Friday at around 10:30am in Jouberton township where a 30 year man was robbed.

“A 30 year-old man was with his friend when they allegedly went to collect the money for duvets they sold to a customer. One person entered the house and the other one remained outside in their car” Aafje Botma said.

Police said a victim was allegedly approched by five suspects who pointed him with a firearm.

The robbed him cash, bedding and other documents police said.

No one has been arrested and police investigations continue.

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By Obakeng Maje

Coligny-A 69 year-old man robbed at gunpoint in Coligny by unknown suspects.

Police said a man was allegedly in the bathroom in his house when four suspects muffled in his house” captain Aafje Botma said.

Four suspects allegedly pointed a gun,screwdriver an threatened a man with a crowbar before they robbed him cash, jewellery and fled the scene on foot.

A 69 year-old man reported the case to police and a house robbery case was opened.

Four men are still at large and police investigations continue.

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