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/ 19 March 2008

Monde in as selection row continues

Monde Zondeki was on Wednesday named as the replacement for fellow fast bowler Charl Langeveldt as the controversy over South Africa’s selection policy continued. Andre Nel, who was controversially left out for Langeveldt to conform with Cricket South Africa’s transformation policy, was again overlooked.

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/ 19 March 2008

Taxi industry puts recapitalisation on hold

The taxi industry on Wednesday placed ”on hold” its participation in the government’s programme to replace old, unsafe taxis with safer vehicles. The South African National Taxi Council said it would not continue with the multibillion-rand taxi-recapitalisation programme as long as its concerns were not addressed.

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/ 19 March 2008

Manuel: We will weather the storm

South Africa is well positioned to weather the current global economic turmoil, Finance Minister Trevor Manuel said on Wednesday. While a difficult set of challenges lay ahead, he was confident that ”our ship is strong [and] that we will weather the present storms that are raging worldwide”, he told the National Assembly.

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/ 19 March 2008

Govt sticking to policy of inflation targeting

The government will not abandon its inflation-targeting policy of between 3% and 6%, Finance Minister Trevor Manuel said on Wednesday. ”Our adoption of inflation targeting in the late 1990s has enabled our economy to grow and to become more competitive,” he told the National Assembly. ”We cannot, at the first signs of stress, abandon our anchor,” Manuel said.

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/ 19 March 2008

Crisis averted but SA faces more power cuts

South Africa’s power situation has improved after a two-day crisis that threatened supplies to mines, state electricity firm Eskom said on Wednesday, but rolling cuts are set to continue. Eskom has been struggling to contain South Africa’s power crisis, the result of years of underspending on electricity generation capacity.

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/ 19 March 2008

McBride victimised me, former metro cop tells court

A former metro police officer told the Pretoria Regional Court on Wednesday how he had been victimised by Ekurhuleni metro police chief Robert McBride. Patrick Johnston was testifying in McBride’s drunken-driving trial. Speaking in Afrikaans, Johnston told the court how he had been victimised by McBride and how his boss had sworn at him on several occasions.

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/ 19 March 2008

Mboweni warns on growth, inflation

South Africa’s economy will slow in 2008 although local banks are coping well and there is no cause for alarm, Reserve Bank Governor Tito Mboweni said on Wednesday. He also said a weaker rand currency would, over time, help to narrow the current-account deficit — which stood at a hefty 7,5% of gross domestic product in the fourth quarter of 2007.

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/ 19 March 2008

SAHRC: Stamp out police brutality

Police brutality in South Africa needs to be stamped out, the South African Human Rights Commission (SARHC) said on Wednesday. The SAHRC was referring to recent raids by police on Stellenbosch night spots as well as on the Central Methodist Church in Johannesburg. In the raids, police allegedly assaulted a number of immigrants and patrons.

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/ 19 March 2008

Current-account deficit shrinks

South Africa recorded a current-account deficit of 7,5% of GDP in the fourth quarter of 2007 from 8,1% previously, the South African Reserve Bank (SARB) said on Wednesday. Governor Tito Mboweni said that the deficit on the current account was more than fully financed through inflows of financial capital, and the SARB continued to build up international reserves.

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/ 19 March 2008

Fed’s rate decision buoys market

The JSE remained in the black by noon on Wednesday, with a trader explaining that the United States Federal Reserve’s rate cut was adding buoyancy to the market. "The Fed’s rate decision, which saw rates decline from 3% to 2,25%, is still adding buoyancy to the JSE," he said.

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/ 19 March 2008

Standard Bank ‘delighted’ with awards

Standard Bank has been selected as the best emerging-market bank in Africa, as well as in South Africa, in the annual <i>Global Finance</i> magazine’s <i>Best Emerging Market Banks in Africa</i> survey. In addition, Standard Bank Namibia and Stanbic Bank Uganda won top honours in their respective countries.

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/ 19 March 2008

Langeveldt pulls out of India tour

South Africa fast bowler Charl Langeveldt withdrew on Tuesday from next month’s tour to India after his selection had caused controversy. Langeveldt, who is black, was included in the squad earlier this month ahead of the white Andre Nel in accordance with Cricket South Africa’s racial transformation policy.

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/ 19 March 2008

Zimbabwe exodus helps prop up Mugabe

Millions who fled Zimbabwe amid its economic collapse blame President Robert Mugabe, but their inability to vote in elections this month may boost his chances to stay in power. Opposition figures, who pose Mugabe’s biggest electoral challenge yet, have urged them to return to be entitled to vote in the March 29 polls, but few are likely to.

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/ 19 March 2008

Rasool reappoints Erasmus commission

Western Cape premier Ebrahim Rasool says he has scrapped the Erasmus commission and reappointed it with expanded terms of reference. Rasool appointed the commission, headed by judge Nathan Erasmus, in December last year, to probe allegations that Cape Town mayor Helen Zille’s administration illegally spied on renegade councillor Badih Chaaban.

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/ 19 March 2008

SA household debt rises

The South African Reserve Bank quarterly bulletin data on Wednesday showed that household debt was at a new record 77,6% from 77,5% in the third quarter, but gross domestic expenditure dipped to just 0,2% in the fourth quarter from a revised 5,4% (5,75%) previously.

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/ 19 March 2008

MTN boosts 2007 profit on 53% subscriber jump

Sub-Saharan Africa’s biggest mobile phone operator MTN boosted 2007 adjusted headline earnings per share to 682 cents from 585 cents thanks to a 53% jump in subscribers to 61,4-million. MTN said net profit and basic headline EPS fell compared with the previous year due to higher finance charges and higher taxes after a tax holiday in Nigeria ended.

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/ 19 March 2008

Pumas to account for fielding killer

The Mpumalanga Rugby Union will be hauled before Parliament’s portfolio committee on sports and recreation to explain why convicted murderer Gert van Schalkwyk was included in its team. Butana Komphela, chairperson of the committee, said on Tuesday that it was immoral of the Pumas rugby team to field a convicted killer.

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/ 18 March 2008

SA seeks talks to avert Comoran conflict

South African Foreign Affairs Minister Nkosazana Dlamini-Zuma called on Tuesday for eleventh-hour talks in Comoros as African Union troops prepared to support federal forces in a bid to take control of the rebel island of Anjouan. ”The federal government first wants the disputed elections dissolved,” she said.

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/ 18 March 2008

Eskom wants 53% tariff hike

Eskom has applied for a 53% hike in electricity tariffs, the National Energy Regulator of South Africa announced on Tuesday. It said it had received the application earlier in the day. Eskom is seeking this hike in place of the 14,2% increase it was granted in December last year.

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/ 18 March 2008

DA supports citizen’s bid to save Scorpions

The Democratic Alliance (DA) has come out in support of a Johannesburg businessman’s attempt to seek an interdict from the Pretoria High Court to stop the disbanding of the Scorpions crime-fighting unit. ”Just call me a concerned citizen,” said businessman Hugh Glenister. ”I believe our constitutional rights are being violated.”