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Markets slump on banking worries

Written by Shiv Prasad on 9:39 AM

In New York the Dow Jones Industrials tumbled 194 points, more than 1.5%, in early trading before recovering.

London's FTSE 100 index was down 2.7%, in Paris the Cac 40 slumped 2.9% and Frankfurt's Dax fell 4.1%.

The Bank of England on Monday made an extra £5bn ($10bn) available for UK banks to borrow to ease credit fears.

The money was five times over-subscribed.

Meanwhile, on the markets US, UK and European banks were hammered; Lehman Brothers fell 30%, UBS lost 13%, HBOS 10% and Commerzbank fell 7.9%.

Investors are worried that the collapse of Bear Stearns, one of Wall Street's biggest names, is a sign that the credit crunch is getting worse and lending might seize up.

How does the media deal with the race card?

Written by Shiv Prasad on 7:54 AM

The resuscitation of the Forum of Black Journalists (FBJ) and racist attacks have turned the spotlight on racism in the media.

On Tuesday, a cross-section of South African journalists attended a discussion on racism in the media, with black editors being accused of acting as white owners' puppets and accusations that the media fails to reflect the reality of South Africa today.

Much of the discussion centred around the relaunch of the FBJ, and the incident where some white journalists decided to attend a private meeting, addressed by ANC president Jacob Zuma, open only to current and former black journalists.

He also believed there was a possibility, due to the controversy in the build-up to the event, that white journalists might have been allowed to attend.

Press Ombudsman Joe Thloloe, who convened the discussion, asked: "Is it wrong for the victims of apartheid to withdraw as a caucus and discuss how far we have come?"

The South African Human Rights Commission was on Wednesday due to hold a hearing into the matter and the broader issue of exclusive organisations.

Commission CEO Tseliso Thipanyane remarked: "If the SAHRC finds the FBJ guilty of racism and sends them to court, we will be accused of being white puppets."

He said that since the South African National Editors' Forum was not in favour of the formation of the FBJ, it could be assumed that the move to resuscitate the organisation must have come from black journalists.

The SAHRC has come in for repeated criticism whenever it has attempted to look at the issue of racism. When the commission led an investigation into racism in the media, said Thipanyane, they were "thrashed" in the same media - and only last year, a senior ANC member said the media were "obsessed with race".

Thipanyane said factors which inhibited discussions on race included white guilt, black people turning a blind eye to incidents of racism and the fact that racism was an unpopular topic.

"We must not delude ourselves that after 14 years we are out of the woods. It happened in Rwanda; it can happen anywhere," said Thipanyane.

Duarte said that although 48 percent of media management was black, this did not mean the media had really changed in South Africa.

"The media is part of the problem and not the solution. It assumes a holier-than-thou attitude," said Mothobi Mutloatse, a seasoned journalist and independent publisher.