Bloomberg News

South African Union Calls for Nationalization, Business Day Says

May 18, 2012

The National Union of Metalworkers of South Africa called for the nationalization of banks, mines and the telecommunications industry, without compensation, Business Day reported, citing Irvin Jim, general secretary of the union.

The union also called for the state to take control of South Africa’s central bank and overhaul monetary and financial policies to create an industrial strategy focused on job creation in a draft policy document ahead of a conference next month, according to the Johannesburg-based newspaper.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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