Durban's Stadium Generates R4m

I think there are some merits in those numbers if the big jump is anything to go by, I've done it twice now and paid for myself and another person to do the jump, everytime it's been helluva busy. I did it last Friday and was stuck behind a group of about 20 people.
 
TMoose said:
I hate this argument whenever I hear it. Even the Chinese, arguably the worlds largest exporter of... well... everything... have a stronger currency than we do. So does Brazil, Argentina, the USA, Canada, UK, most of Europe, Australia, New Zealand and a host of other countries very successfully exporting their goods and competing internationally. I love how the rand is referred to as strong when at stages in the 70's it was stronger than the US dollar and yet the economy hit double digit growth percentages. Just how weak do you people want the currency? And do the disastrous effects a weak currency has on inflation not worry you at all? A weak rand affects the oil price which in turn affects everything else negatively, just to name one thing. It also adversely affects our businesses ability to automate and expand, since most modern machinery is imported and paid for in USD, thus hampering our ability to produce in the first place.

EDIT:

On the actual stadium - Love it. Glad to hear it's making money. The investment was definitely needed and just like the Gautrain, that also attracted endless criticism, infrastructure investment is something that needs to be done.
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Well consider that the cost of living in China is far less than here. They can pay people 1us$ a day in the manufacturing sector. Having a strong currency is not indicative of a strong economy. You have a poor understanding of currency. Japan, South Korea and many other economic giants have a currency far (like 100 000 to 1) "weaker" than the Rand.

A prime reason that South Africa is currently importing so many goods from other countries is because of the strong Rand. It's cheaper to bring it from +12 000km's from East Asia rather than to make it here because of the buying power of the rand. Do you really think that is good for the local manufacturing sector ? If the Rand was sitting nicely at around 10 to the $ that would change dramatically. We'd rather buy stuff made locally. Not only us but other countries would suddenly find a big market for our locally produced goods. We're a giant of natural resources too, so as such we want to get as many rands as possible for the $ we sell our gold etc for. If the rand fetches 7 to the dollar then an ounce of gold fetches us R7700. But if it's 10 ? 11000. Simple stuff really.

And by the way China for years tried to keep the Yuan undervalued. Only when threatened by their economy overheating did they float it.

As to the rest of your posts. So true. We need to invest in infrastructure. Why would anyone take issue with us fixing roads etc and the next day come back to berate us for not doing so ?
 
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JohnGalt said:
Well consider that the cost of living in China is far less than here. They can pay people 1us$ a day in the manufacturing sector. Having a strong currency is not indicative of a strong economy. You have a poor understanding of currency. Japan, South Korea and many other economic giants have a currency far (like 100 000 to 1) "weaker" than the Rand.

A prime reason that South Africa is currently importing so many goods from other countries is because of the strong Rand. It's cheaper to bring it from +12 000km's from East Asia rather than to make it here because of the buying power of the rand. Do you really think that is good for the local manufacturing sector ? If the Rand was sitting nicely at around 10 to the $ that would change dramatically. We'd rather buy stuff made locally. Not only us but other countries would suddenly find a big market for our locally produced goods. We're a giant of natural resources too, so as such we want to get as many rands as possible for the $ we sell our gold etc for. If the rand fetches 7 to the dollar then an ounce of gold fetches us R7700. But if it's 10 ? 11000. Simple stuff really.

And by the way China for years tried to keep the Yuan undervalued. Only when threatened by their economy overheating did they float it.?
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I disagree with every single thing you said, but really don't feel like explaining why. Strong currency is more often than not a good thing. You are probably an exporter yourself. Your ultra weak currency dream would lead to hyper inflation in the medium term. Let's just agree to disagree. I believe the history speaks for itself, and while China may employ slave-like labour the majority of my examples do not. A strong currency may not be indicative of a strong economy, but neither is a weak one indicative of a internationally competitive one. South Africa does not need a weaker currency, our currency is already weak, in fact the previous regime would probably have declared a state of emergency on its ass.
 
TMoose said:
I disagree with every single thing you said, but really don't feel like explaining why. Strong currency is more often than not a good thing. You are probably an exporter yourself. Your ultra weak currency dream would lead to hyper inflation in the medium term. Let's just agree to disagree. I believe the history speaks for itself, and while China may employ slave-like labour the majority of my examples do not. A strong currency may not be indicative of a strong economy, but neither is a weak one indicative of a internationally competitive one. South Africa does not need a weaker currency, our currency is already weak, in fact the previous regime would probably have declared a state of emergency on its ass.
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I'm not an exporter. But if I was I would want a weak rand. I'm not an importer, but if I was I'd want a strong rand. I'm a South African and as such I want more money coming in than leaving the country hence more exports than imports. Therefore I want a weaker rand. We're a developiong economy. We do not benefit in any long term way in brining in cheap raw materials etc and manipulating them to re sell for profit. We are the ones selling off the cheap raw materials. The weaker the rand the more we get for them.

And I don't want an ultra weak currency. I suggest a steady state 10 to the $ would be a nice compromise. Of course economics is all about balance and a ultra weak rand would be extremely detrimental. But fine, let's agree to disagree.
 
Moron noodle said:
Funny enough, massive overspending on the Olympics is touted as one of the reasons for the the current Greek bankruptcy.

In fact the only definite profit making games in the last 40 years were in Los Angeles where (colour me effing suprised) they used old stadia.

Now then Mila and co. (and Cape Town Guy, I'm sure he will be along soon enough) etc. I'm not sure what your background is, whether you are tied to the WC stadia or the bid, whether you studied or are interested in economics, what income group you fall into, how you vote.

But know this:

These stadia will be funded by the taxpayer. Remember (nb. lesson for CTG) that when government pays for something, it is not Governments money, it is our money, the taxpayers. Any expenses by government must come from some source, whether it be increased tax or taking from social spending.

My problem with you guys is that you never have any criticism for any part of the building, planning or in fact for any part of our preparations for the WC.

Contrary to your belief the vast majority of World Cup preparation critics on this forum are in fact excited by the coming World Cup. We are however worried about what we consider massive overspending on stadia and other frivolous spending. Also take into account our reservations about where and how the money is spent - such as upgrading Greenpoint (already rich) vs Athlone (poor) vs Newlands (already existing).

I can only put your absolute support for anything and everything the WC planners have done down to possible economic naivety, youthfulness and possible political partisanry.

I am sure the Word cup is going to be an absolute success. I am however very worried about the Post party.
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I have to agree with this sensible analysis, my concern with the Durban stadium is that much of the viability seemed to depend on moving Natal Rugby from the Kings park stadium to the new one, and there are a number of issues which make the new stadium commercially unattractive to rugby. I also don't see the stadium attracting huge ongoing lifestyle revenues beyond it's honeymoon phase.

Frankly it's in a horrible part of town.
 
alloytoo said:
I have to agree with this sensible analysis, my concern with the Durban stadium is that much of the viability seemed to depend on moving Natal Rugby from the Kings park stadium to the new one, and there are a number of issues which make the new stadium commercially unattractive to rugby. I also don't see the stadium attracting huge ongoing lifestyle revenues beyond it's honeymoon phase.

Frankly it's in a horrible part of town.
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You will believe that because you've been gone for too long.
With walkways to the beach front...It couldn't have been better positioned.
 
alloytoo said:
I have to agree with this sensible analysis, my concern with the Durban stadium is that much of the viability seemed to depend on moving Natal Rugby from the Kings park stadium to the new one, and there are a number of issues which make the new stadium commercially unattractive to rugby. I also don't see the stadium attracting huge ongoing lifestyle revenues beyond it's honeymoon phase.

Frankly it's in a horrible part of town.
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But the Sharks were not asked from the start and when they did ask the price were so high they said no thanx they stick to ABSA park. IIRC. Maybe it has changed.

To the economist here. We import the largest part of our food. How will a weak rand help feed the people?
 
JungleBoy said:
Wait a minute, isn't that the guy that was instructed by Julias Malema to "behave or else jump" ? :D
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We can always convince the village idiot he can fly and ask him to jump without a rope.. or tie it around his neck.. tel him its revolutionary:D:whistle::twisted:

JungleBoy said:
You will believe that because you've been gone for too long.
With walkways to the beach front...It couldn't have been better positioned.
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All stadiums are in shyty places look at ellispark. You would know Jungle has the Sharkies moved to the new stadium or are the costs still a bit high?
 
JohnGalt said:
I'm not an exporter. But if I was I would want a weak rand.
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You'd be out of business pretty quickly if you got what you wanted. The idea is to take profit, not give your resources/products away at minimum cost just to be competitive on the global market - that can only succeed as a short-term policy.
 
Mila said:
To the economist here. We import the largest part of our food. How will a weak rand help feed the people?
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Such as? Can you mention specifically which food items are largely imported that will feed the people?
 
Mila said:
Maize
Pork
Beef


What about clothing?
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Lol, you think we import maize?
http://www.southafrica.info/business/trade/import/importareas.htm

Or how about this one showing that we actually export maize:
http://www.afrol.com/articles/29739

Or this one showing how our meat requirements are almost completely catered for locally:
http://www.southafrica.info/business/economy/sectors/542547.htm

What about clothing? How did we get from 'feeding the people' to clothing? Stores like PEP cater for low income people anyway.
 
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