News Highlight
23rd Apr 2012
BRICS Development Bank gets Green Light
In a first step to set up a development bank as counterweight to the US/EU-led World Bank and the IMF, the Finance Ministers of the BRICS member countries have met up this weekend on sidelines of the annual Spring Meeting of the World Bank and the IMF to discuss this important step.
In their consultations South Africa and other members of BRICS grouping have agreed on Sunday 22 April 2012 to establish a task force to come up with recommendations to set up a developmental bank, a move
...[MORE]
>> IBN News-Archive
Exchange Rates
Click a graph to view the detailed version.
Rates are compliment of the
ECB and will be updated once a day on weekdays only.
News-Archive (Page 18)
The vision of a multi-party-democracy, as envisaged by so many politicians like Bantu Holomisa (UDM), may not be a scenario from the future. Various Mbeki followers talk openly about leaving the ANC and to start a new party, the National African Congress (NAC). Meanwhile defections from the ANC to the UDM and ID as well as open disputes show the first weakening of the ANC.
All close corporations will become liable to lodge and pay annual returns as from 1 September 2008 as prescribed and regulated by section 15A of the Close Corporations Act, 69 of 1984 and regulation 16A of the Close Corporations Administrative Regulations.
It is important to note that only close corporations whose anniversary month is in September will become due to lodge during September/October 2008.
South Africas new president, Kgalema Motlanthe, has been sworn in. Within the first hour he duly announced his new cabinet, which immediately restored confidence and assured stability due to the fact that Trevor Manuel was appointed as Minister of Finance and the Minister of Health, Tshabalala Msimang was replaced by Barbara Hogan. In the wake of these events the Rand gained nearly 3%.
After interims Minister Motlanthe took presidency in the wake of the resignation of Thabo Mbeki, 11 Ministers resigned from Cabinet; amongst them Finance Minister Trevor Manuel. As a consequence the Rand exchange rate fell by 5%.
In the wake of last weeks court ruling that Mbeki interfered by subverting organs of state in order to pursue Zuma's prosecution on corruption charges. Mbeki is expected to announce his resignation at a special sitting of parliament this week. In the interim the ANC has selected speaker and ANC chairman Baleka Mbete to serve out the rest of Mbeki's term, which ends in April and Senior Mbeki supporters, including minister of defence Mosiuoa Lekota, plan to split the ANC with the launch of a new party that could contest next year's election. Has South Africa's chance for a real multi-party democracy come already?
