Business has backed a plan to place 1m young people in paid one-year internships over the next three years in a move that is expected to raise private sector employment by around 3% and generate at least R2bn more in Vat for treasury.
The programme, which was signed off by President Jacob Zuma last week, has been developed by the CEO Initiative — a group of top businessmen who have rallied to finance minister Pravin Gordhan’s call to put the economy on a firmer footing.
Youth unemployment is among the biggest structural shortcomings of the economy, with almost 55% of people between 15 and 24 years old — roughly 1.5m people — in the labour force not working.
“This programme, which seeks to place 1m young people aged 18-29 in internships, will have a significant effect on employment,” says Colin Coleman, MD and partner of Goldman Sachs.
Coleman and Investec CEO Stephen Koseff chair the joint business-government working group that has been developing the concept since May.
The initiative has been announced on the eve of a visit to SA by Moody’s Investors Service. The New-York based credit rating agency has said it is likely to downgrade SA in the absence of growth recovery and structural reforms, including to state-owned enterprises (SOEs). It regards youth unemployment as one of SA’s key credit challenges. …more
It’s now clear that we will not need to physically wire the planet. Satellites, possibly aided by drones and balloons, will get the job done a lot faster. The major internet and space technology corporations, among others, have confirmed multibillion-dollar investments to bring low-cost broadband internet to every square metre of Earth’s surface within 10 years. They are building the railway tracks and freeways of the 21st century — but at global scale, and with breathtaking speed. Five billion human minds are about to come online, mostly via sub-$50 smartphones. And unlike the 2-billion who preceded them, their first experience of the internet may not be clunky text, but high-resolution video and a fast connection….more
A 22-year-old British student has invented a mobile fridge that could save millions of lives across the world.
Will Broadway’s “Isobar” has been designed to keep vaccines at the ideal temperature while in transit in developing countries. And Will doesn’t plan to make money from his creation. His focus is to get it to people who need it, which is why he won’t be trying to get a patent.
“I make things every day for people who have everything,” Will, an industrial design and technology graduate from Loughborough University, tells Newsbeat. “I wanted to make something for people who have next to nothing. It should be a basic human right, in my opinion, to have a vaccination. “I don’t think that it should be patented to restrict use.”