SA targets 5-million new jobs by 2020

first_imgGuiding principles The new growth path leans on recommendations made in a 2008 growth report by the Commission on Growth and Development, which suggested that policymakers target five areas for long-term economic growth, namely: Ramping up competition policy to create a more equitable marketplace.Creating and implementing an effective rural development policy.Stepping up education and skills development, including a review of the training system.Producing 30 000 more engineers by 2014 and 50 000 more artisans by 2015.Promoting small businesses and entrepreneurship by creating a single agency to consolidate funding from Khula, SAMAF and the Industrial Development Corporation.Revamping black economic empowerment, including incentivising job creation.Developing more focused trade policies in order to identify better export opportunities. 24 November 2010 South Africa’s new economic growth path, which sets an ambitious target of creating five-million jobs and reducing unemployment from 25% to 15% by 2020, will call for “smart government” and better coordination with the private sector and organised labour, says Economic Development Minister Ebrahim Patel. Announcing the framework for the new economic growth path during an address to Parliament’s economic development portfolio committee in Cape Town on Tuesday, Patel acknowledged that plan faced many challenges. “We have too many agencies and too little co-ordination between them.”Skills development The centrepiece of the new growth path, Patel said, was “a massive investment in infrastructure and people through skills development, together with smart government and better coordination with the private sector and organised labour.” The plan will look to the “green” economy, agriculture, mining, manufacturing and tourism industries for most of the employment opportunities. The plan calls for commitments from the government’s social partners, such as ensuring moderate wage increases while capping pay and bonuses for executives earning over R500 000 a year. It also seeks the creation of a comprehensive social security system that fosters an improved savings culture in the country.Steps to be taken The strategy has a series of micro- and macro-economic measures aimed at helping the country reach its growth targets, including: Remaining open to the world economy and new ideas.Maintaining macroeconomic stability.Sustaining high rates of saving and investment (about 20% to 25% of national income versus the current 16%).Allowing the markets to allocate resources.Maintaining committed, credible, and capable government. The report looked at countries which were able to maintain GDP growth of more than seven percent for two decades or longer in recent times, namely Botswana, Brazil, China, Hong Kong, China, Indonesia, Japan, South Korea, Malaysia, Malta, Oman, Singapore, Taiwan, China and Thailand. Source: BuaNewslast_img read more

Yahoo Buys Summly — Paying $30M To Kill The App, But Keep Its 17-Year-Old Founder

first_imgWhat it Takes to Build a Highly Secure FinTech … Lead image screencapped from Summly Launch from Summly on Vimeo Role of Mobile App Analytics In-App Engagement Yahoo has made another bold move in the mobile space by acquiring news reading app Summly. While the deal is not yet closed, sources tell AllThingsD that Yahoo ponied up $30 million in cash.That hefty sum is notable because Yahoo is also killing the Summly app, but holding onto its creator Nick D’Aloisio, who built it in his London home two years ago when he was just 15. Yes, you read that right. The charismatic English entrepreneur is only 17 years old, and he’s managed to put his creation in the hands of nearly a million users since its December 2011 launch while raising $1.5 million from big names like Horizon Ventures.The app’s secret sauce involved a unique algorithm that summarized articles from all over the Web, automagically condensing news stories and blog posts into bite-sized summaries intended to save readers time.Summly No More, Though D’Aloisio Stays… For A WhileYahoo made it clear that its sights were set on the backbone of the app — its team and its algorithm. “While the Summly app will close, you will see the technology come to life throughout Yahoo!’s mobile experiences soon,” wrote Adam Cahan, Yahoo’s senior vice president of mobile and emerging products, on the company’s blog this morning. D’Aloisio and his team, which numbers below the double digits, will join Yahoo, but the young founder has reportedly signed on for only 18 months — a smart move considering his potential. Yahoo’s decision to ax the app could suck for users, assuming Summly was on a path to turn into the next Flipboard or Zite or Pulse (which we’ll now never know). But it’s great news for Yahoo, which couldn’t care less about even a fast-growing, though still relatively small, news reader app.The acquisition of Summly follows Yahoo’s purchase of Jybe, a social recommendation company, just last week and New York City-based app Stamped, which similarly let users build recommendation lists, last fall. It’s all part of CEO Marissa Mayer’s plan to revitalize the ailing Yahoo brand and update its services for a new, mobile-centric generation.Education Of An EntrepreneurD’Aloisio required a few at-bats before he connected with Summly. The most important was Trimit, a bookmarklet and iOS app that acted as a text summariser in much the same way that Summly would later, albeit with a much more rudimentary interface and level of design. It was popular, but not quite as pervasive as D’Aloisio had hoped. And he apparently went a bit nuts trying to gin up coverage as a result.This culminated with a lesson in email etiquette from Gizmodo writer Casey Chan, who titled a post in August 2011 “How I Made A 15-Year-Old App Developer Cry.” Chan related how D’Aloisio’s intense fervor — read, non-stop barrage of pleading emails — resulted in Gizmodo deciding to make Trimit the blog’s featured worst app of the week (a “dick move,” as Chan later put it). Though Gizmodo didn’t know D’Aloisio’s age at the time. Two years and $30 million later, D’Aloisio appears to have survived just fine. Watch and listen to him charm you into thinking Summly is the coolest thing on the planet in the video below. It gives you a good sense of the kind of marketing buzz he might bring Yahoo in the coming months.  Related Posts Why IoT Apps are Eating Device Interfaces nick statt Tags:#Nick D’Aloisio#Summly#Yahoo The Rise and Rise of Mobile Payment Technologylast_img read more