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/ 16 February 2006
Zimbabwe has cleared its arrears to the International Monetary Fund (IMF), Harare’s Herald newspaper reported on Thursday. Its website said the Reserve Bank of Zimbabwe paid the outstanding -million on Wednesday to settle its overdue obligations in the general resources account.
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/ 16 February 2006
The Mexican government has admitted to staging a dramatic kidnap rescue for the benefit of a prime-time television audience. The raid, in which Mexico’s equivalent of the FBI burst into a farmhouse at dawn to subjugate four alleged kidnappers, had been presented by the government as proof that it was winning the battle against organised crime.
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/ 16 February 2006
Kaizer Chiefs’ championship hopes were given a much-needed boost when they delivered a clinical 1-0 victory over Premier Soccer League log leaders Mamelodi Sundowns at the FNB Stadium on Wednesday night. Sundowns became their own worst enemy as they failed to make good use of their opportunities.
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/ 16 February 2006
The Bush administration made an emergency request to Congress on Wednesday for a seven-fold increase in funding to mount the biggest propaganda campaign to date against the Tehran government, in a further sign of the worsening crisis between Iran and the West. The request is to be accompanied by a diplomatic drive to discuss Tehran’s suspect nuclear weapons programme.
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/ 16 February 2006
Shares in petrochemicals group Sasol slumped 8,3% on Wednesday, following Finance Minister Trevor Manuel’s unveiling of an investigation into a windfall tax. Sasol shares were trading at R227,50 shortly before the Budget speech but then fell to R209.
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/ 16 February 2006
In more comment on the national Budget for 2006/07, the South African Communist Party is pleased that company tax was not cut, though the African Christian Democratic Party disagrees; Absa says the Budget is good for the property market; and an economist says the Budget is "on balance good".
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/ 16 February 2006
In the Medium Term Expenditure Framework delivered in October last year, Trevor Manuel announced that projections for the budget deficit over the next three years would be substantially lowered from about 3% to about 2%. In Wednesday’s Budget he reduced this even further to 1,5% for next year, falling to 1,2% by fiscal year 2008/09.
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/ 16 February 2006
Finance Minister Trevor Manuel understandably celebrated South Africa’s economic fortunes and placed a surprisingly high degree of faith on the global economy. Unveiling his 10th Budget this week, Manuel restated the government’s widely praised sound stewardship of the economy.
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/ 16 February 2006
The government has chopped tax on retirement funds by half, to 9%, saying it is prepared to make further cuts to stimulate savings. However, it wants the 9% to be used as a carrot in wider discussions about reforming the life industry. Minister of Finance told journalists at Parliament that the national Treasury would release a document proposing significant changes to retirement funding provisions.
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/ 16 February 2006
Over the past 10 years, Finance Minister Trevor Manuel has charmed taxpayers by continually providing greater tax relief. This year is no different and individuals will pay R12,1-billion less tax once adjustments have been made for reduced vehicle allowances.