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May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 11:49
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May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Washington - Jacob Zuma, widely expected to become South Africa's next president, met US government officials on Tuesday to assure them it was business in usual in Africa's biggest economy, despite recent political turmoil.
In his most high-profile foreign visit since becoming
president of South Africa's ruling African National Congress in
December, Zuma held talks with Secretary of State Condoleezza
Rice and met briefly with President George W. Bush at the White
House.
Zuma said one of the main aims of the visit was to improve
commercial ties between the two countries. He said not enough
had been done in the past to encourage inward investment from
the United States, one of South Africa's key trading partners.
Some foreign investors are worried Zuma may bow to pressure
from his communist and trade union allies to steer South Africa
away from the pro-business policies of Thabo Mbeki.
Those fears intensified after the ANC, Cosatu and the South African Communist Party unveiled an economic blueprint at the weekend that called for greater government intervention in the economy to combat poverty.
In a speech to the Council on Foreign Relations in Washington, Zuma repeatedly emphasised that the ANC was a democratic organisation that took collective decisions and had played a major role in writing many of the checks and balances into the country's constitution.
No change
"So, there should be no worry. The situation is going to
continue normally. In a sense I am saying: no panic, everything
is fine in South Africa," said Zuma, who is also due to meet
business leaders during his visit, which ends on Thursday.
"I have absolutely continued to say that I would change no
policies if I became president. I have no authority to do so.
That is in the hands of the ANC."
He did not refer to a weekend economic summit in which the
ANC and its allies called for "decisive action" to change
wealth distribution in South Africa, which has high
unemployment and millions living in poverty.
However, Zuma stressed that the ruling party would not
succumb to pressure from its trade union and communist allies
and "move to socialism", saying he viewed them mainly as a
"voice of the poor."
Warning that the economic turmoil sweeping the globe would
slow South Africa's economic growth, Zuma said he was in the
United States to push for greater US investment.
"Some of us believe we have not done sufficient in terms of
the investment from here. We believe America, up to now, has
not taken ... advantage of the open economy that we have," he
said.
According to the US Census Bureau, the United States
exported $4.2bn worth of goods to South Africa between January and August this year. Imports amounted to $7.2bn.
- Reuters