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/ 5 July 2006

Bridgestone to exclusively provide F1 tyres

Japanese company Bridgestone will exclusively supply tyres for the Formula One world championship from 2008 to 2010, world motor sport’s governing body the FIA said on Wednesday. Bridgestone had been the favourites to win the deal since French tyre manufacturer Michelin refused to participate after FIA asked for offers.

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/ 5 July 2006

Satawu: Debt-memo leak linked to election

The South African Trade and Allied Workers’ Union (Satawu) will investigate the leaking of a memo on its R3-million debt, believing this is linked to its forthcoming elections, Satawu said on Wednesday. ”We have no doubt that this memo was leaked deliberately,” a statement from the union read. ”It was never intended for media or even public consumption.”

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/ 5 July 2006

Flood waters rise in India’s financial hub

Large tracts of India’s western financial hub of Mumbai were under water on Wednesday as the weather bureau warned further heavy rains were on the way and the death toll from the monsoon deluge rose to nine. The deaths brought to at least 234 the number who have been killed across India since the arrival of the monsoon in May.

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/ 5 July 2006

Convicted Enron CEO dies in Aspen

Former Enron chairperson and chief executive Kenneth Lay, awaiting sentencing after being convicted of fraud and conspiracy charges, has died, United States media reported on Wednesday. ”Ken Lay passed away early this morning in Aspen,” said a family statement read out on CNN.

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/ 5 July 2006

Justice dept budgets R1bn to fix financial inefficiency

The Department of Justice and Constitutional Affairs has budgeted R1-billion to update its management of money in trust programme (MMIT), its chief operations officer Khotso De Wee said on Wednesday. His remarks come after Auditor General Shauket Fakie tabled a report in Parliament on Tuesday identifying serious financial and administrative inefficiencies in the MMIT.

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/ 5 July 2006

Cosatu, IFP condemn ‘harsh’ fuel levy

The Congress of South African Trade Unions (Cosatu) on Wednesday condemned the proposed Western Cape fuel tax of between 10c and 50c a litre in addition to the current national levy. ”The effect of such a levy would be to move the greatest burden of this special tax onto the poor people,” Cosatu said in a statement.