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/ 1 October 2007

World credit crunch claims another victim

UBS AG, the world’s largest wealth manager, unveiled $3,4-billion in losses, has swept out senior managers and slashed jobs in one of the biggest casualties yet of the worldwide credit crunch. UBS said on Monday it will write down a net four billion Swiss francs ($3,42-billion) in its fixed-income portfolio and elsewhere.

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/ 1 October 2007

Malawi struggles to reduce poverty

Malawi, one of Africa’s poorest nations, said on Monday that despite recent efforts to grow the economy, it would be unable to meet the United Nations target date of halving poverty by 2015. A welfare-monitoring survey conducted by the Ministry of Economic Planning and Development indicated that poverty dropped to 45% in Malawi in 2006, from 53,9% in 1998.

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/ 1 October 2007

Cape Town gets solar traffic lights

South Africa’s first solar-powered traffic lights were switched on in Cape Town at noon on Monday. Located at the intersection of Edna Street and Montagu’s Gift Road, south of Ottery, the four pairs of lights draw their power, via batteries, from solar panels on top of poles.

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/ 1 October 2007

AngloGold stops output at mine after worker deaths

The deaths of four miners in a rockfall forced a halt to production at AngloGold Ashanti’s Mponeng underground mine on Monday while safety checks were carried out, the company said. Increasing deaths at South Africa’s deep and treacherous underground mines have thrust safety into the spotlight in a country where about 200 miners are killed in accidents every year.