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/ 25 September 2007

UK govt bails out bank

You might have expected Northern Rock to sound apologetic as queues formed outside its branches and its website was overwhelmed. Here is a bank that lent aggressively and tried to grab a big share of the mortgage market. Now its business model has been exposed as fragile and its brand damaged, perhaps beyond repair.

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/ 25 September 2007

Africa, the new money frontier

In the first seven months of this year Africa saw $8,2-billion of new listings, already 13% higher than last year. Moreover, Nigeria, not South Africa, was the largest recipient of inflows for new listings. Africa has seen foreign investment inflows triple in the past decade from $10-billion to $30-billion a year.

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/ 25 September 2007

From banker to arms gorilla

Terry Crawford-Browne has done something incredible. He has spent R5-million on a battle from which he stands to make nothing: his campaign to expose corruption in South Africa’s multibillion-rand arms deal. Not many people can understand this in an era of greed and opportunism.

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/ 25 September 2007

Basic foodstuffs are now a hot commodity

Sithabile Khuzwayo is one of many women who bring groceries and clothing from across the borders of neighbouring Botswana and South Africa to sell at the flourishing flea markets of Zimbabwe’s second-largest city, Bulawayo. She said the hostility of Botswana’s locals to Zimbabwean traders has made buying wares in Botswana risky.

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/ 25 September 2007

Microsoft’s failed appeal start of a trend?

The European Commission got the green light from Europe’s second-highest court last week to pursue even more high-profile antitrust actions against dominant global companies. The court upheld the commission’s decision that the software group had also abused its dominance by illegally "bundling" its Media Player software into Windows.

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/ 25 September 2007

Jatropha: fuel for thought?

A small inedible seed from a Mexican tree is seen by some as the answer to the world’s fuel crisis. But the seed from the jatropha tree, used to make biofuels, is still hugely controversial in South Africa and the government is not at all sure that the plant will solve the country’s biofuel woes.

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/ 25 September 2007

‘Donkey economics’ damaging Ahmadinejad

Iranian President Mahmoud Ahmadinejad has suffered an embarrassing blow to his prestige after his own party attacked him for adopting a jocular tone towards inflation at a time of rampant price rises. The Islamic Revolution Devotees Society has added its voice to a rising chorus of economic discontent by warning the president that spiralling living costs are hurting the poor and undermining his stated goal of social justice.

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/ 25 September 2007

A general in civvies

General Pervez Musharraf’s strategy for survival has finally become clear, after months of political turmoil in Pakistan. He plans to quit as chief of the army staff, before taking the presidential oath — but only after he has been re-elected by the outgoing parliament.

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/ 25 September 2007

Economic crisis puts damper on Harare’s nightlife

The middle-class Avenues area on the northern peripheries of Harare’s city centre is a residential and commercial office zone with stark contradictions. One minute the sound of gunshots fills the morning air as police exchange fire with robbers; the next, church bells are tolling and harmonic voices are heard as women sing hymns in church and well-dressed middle-aged men and women walk to their offices.