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/ 30 August 2006

Commission warns of another fuel crisis

The Moerane commission, which investigated South Africa’s fuel-supply crisis suffered late last year, has reported that another supply crisis could emerge in the second half of this year because of scheduled refinery shutdowns. But Minister of Minerals and Energy Buyelwa Sonjica says she has a task team in place with the industry.

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/ 30 August 2006

SABC boosts its profit

The South African Broadcasting Corporation (SABC) announced on Wednesday that it has posted an after-tax profit of R383-million for the 2005/06 financial year. This is a 97% increase on the adjusted figure of R194-million for last year. The public broadcaster also reported marked audience growth across most of its radio and television platforms.

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/ 30 August 2006

Flu forces Mbeki to take a break

National Assembly questions to South African President Thabo Mbeki have been postponed because the head of state has influenza and has been told by a military doctor ”to rest”, the Director General in the Presidency, Frank Chikane, reported to members of the media at Parliament. The questions were to have been put to the president on Wednesday afternoon.

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/ 30 August 2006

Treasury requests Green Point costs be slashed

The National Treasury has asked the city of Cape Town to slash the estimated R3,3-billion cost of the Green Point stadium for the Soccer World Cup by 40%, city mayor Helen Zille said on Wednesday. ”This is obviously a tall order, because we are convinced that the costings of the conceptual design are accurate,” she told a meeting of the city council.

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/ 30 August 2006

Supply side pressures weigh heavily on rates

South Africa’s worse-than-expected consumer inflation data released shortly after the Reserve Bank released equally bad private sector credit extension data on Wednesday has increased expectations of more rate hikes. Inflation has been rising over the second and third quarters of 2006, a development which has prompted the Reserve Bank to become far more hawkish regarding interest rate policy.