The success of Barclays’s R20-billion-plus bid for control of Absa may hinge on which tool the government trusts to crack open the cosy oligopoly of the big four banks. Any transaction that results in control of a bank changing hands — whether to a local or a foreign buyer — requires regulatory approval. Several analysts suggest that the lack of competition will be a key factor in Minister of Finance Trevor Manuel’s decision on the deal.
While the militias and government troops battle it out in Port Harcourt, Nigeria’s premier oil-producing city, an uneasy peace has descended on its twin sister in the west. For eight years the city of Warri in Delta State was convulsed by violence far worse than that in Port Harcourt today. At the height of the crisis, tens of thousands of people were displaced and thousands died.
Trade unionists and industry heavyweights have poured cold water on a claim by a leading South African economist that South Africa is entering a "golden era" of rising employment. Michael Schussler, the CE at T-Sec, said that, for the first time since 1982, the country was enjoying "massive employment growth at 1 400% quicker than America’s monthly employment growth".
Zimbabwean President Robert Mugabe has promised President Thabo Mbeki that he would adopt confidence building measures to iron out differences with the opposition Movement for Democratic Change to avert a boycott of next year’s election. Diplomatic sources have said that Mugabe made the pledge in New York on the sidelines of the United Nations General Assembly last week.
Kaizer Chiefs enter this weekend’s South African Airways Supa 8 final against Supersport United looking to re-establish a tradition and, at the same time, overcome a hoodoo. Since the reinstatement of this competition in the 2000/01 season after a four-year absence, no reigning league champion has managed to add the Top 8 to the trophy cabinet — something that used to happen regularly.
Prosecution documents repeat claim that the deputy president was a conscious party to corruption.
An ”all-time war” due to begin on Friday between Nigerian rebels and government troops has been averted by 11th-hour peace talks. Rebel leader Alhaji Dokubo Asari met President Olusegun Obasanjo on Wednesday after Asari threatened to attack foreign oil installations. The threat of violence contributed to last week’s record oil prices when barrels of Bonny light crude traded for more than .
The insurgency in Iraq appears to be more widespread and deadly than Iraqi leaders are prepared to admit, according to military figures and a report by a private security firm. There have been 2 300 attacks in the past month, Iraq insurgency is outpacing coalition attempts to restore peace.
Water used to flow through the taps in Tabata, a sprawling suburb of whitewashed bungalows in Tanzania’s biggest city, Dar es Salaam. These days, the faucets and steel water pipes stand empty in backyards while families send their children to fetch water from a well. Girls heave buckets on to their heads while boys as young as nine wrestle jerrycans on to barrows and trundle them down the streets.
This warning may come a tad late for paddlers taking part in the two-day Fish River Canoe Marathon, which kicks off at the Grassridge dam on Friday, but elephants have been spotted in the Fish river. Well, that’s according to sheep farmer Tiaan Naude, who took a preparatory paddle down the river this week.