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/ 31 July 2006

Gunmen kidnap 25 people from Baghdad company

Gunmen wearing uniforms of Iraqi security forces kidnapped 25 people from an office in central Baghdad in broad daylight on Monday, police said. The gunmen pulled up in 15 four-wheel-drive vehicles and kidnapped employees and customers at the office on a street in Arasat, once a thriving commercial district.

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/ 31 July 2006

SA trade-deficit figures ‘worrisome’

South Africa recorded a deficit of R4,219-billion for its trade with non-Southern African Customs’ Union trading partners in June after a deficit of R7,005-billion in May, according to customs and excise figures released on Monday. The trade balance was expected to have narrowed to a R2,5-billion deficit in June, a survey has found.

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/ 31 July 2006

Zimbabwe devalues, redenominates currency

Zimbabwe’s central bank devalued its dollar by 60% on Monday after announcing it had decided to knock three zeros off all banknotes to help consumers cope with hyperinflation of nearly 1 200%. ”With immediate effect the inter-bank exchange rate has been adjusted to the trading level, after the removal of the three zeroes,” central bank head Gideon Gono said.

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/ 31 July 2006

Month-long wait before DRC knows its fate

A mammoth vote count was in swing in the Democratic Republic of Congo on Monday after the war-ravaged country’s first free elections in 46 years. Current President Joseph Kabila is the favourite to win but the DRC, and neighbours with vast vested interests, will have to wait until August 31 for the result of Sunday’s first-round vote.

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/ 31 July 2006

A friendlier bang for your buck

A retail development bond could be the perfect vehicle to develop South African small and micro-business and low-income housing while, at the same time, providing retail investors with market-related returns. Although socially responsible investing is well understood in South Africa there is an enormous gap in funding available for projects under R3-million.

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/ 31 July 2006

Zuma trial adjourned to September 5

Jacob Zuma’s corruption trial was adjourned until September 5 after a short session at the Pietermaritzburg High Court on Monday. Judge Herbert Msimang did not accept state prosecutor Wim Trengove’s assertion that it should be postponed till September 7 because colleague Anton Steynberg would be overseas at a conference.