Thursday September 22, 2011.

From Creamer Media in Johannesburg, I’m Jessica Hannah.

Making headlines:
South Africa's Finance Minister Pravin Gordhan says a meeting of emerging economies today will consider a Brazilian proposal to buy European bonds to help crisis-hit euro zone countries.

But Gordhan says it’s just one idea that will be examined during the meeting in Washington of the Brics countries Russia, India, China, Brazil and South Africa.

He says it’s more important for emerging and developing economies to work together within the Group of 20 to find a global solution to the euro zone sovereign debt crisis.

Zambian opposition leader Michael Sata took a strong lead in the country’s presidential election on Wednesday. Although, with only 10% of the votes counted, it’s unclear if he could achieve a historic transfer of power.

Sata toned down his rhetoric against foreign mining firms operating in Africa's biggest copper producer, particularly those from China, in the latter stages of campaigning for last Tuesday's election. But a Sata victory will still cast uncertainty over the country's investment outlook.

Several constituencies declared so far are Sata strongholds. However, the tally suggests that the man, nicknamed "King Cobra" due to his vicious tongue, stands a chance of ousting incumbent Rupiah Banda and beating his Movement for Multi-party Democracy for the first time since the end of one-party rule in 1991.

With 15 out of 150 constituencies tallied, the Election Commission says Sata has won 134 635 votes against 70 335 for Banda. Full nationwide results aren’t expected until later on today.

Renowned economist Nouriel Roubini says South Africa will need to accelerate its investment into physical and human capital to improve on its current “disappointing” growth performance and break free from the structural constraints that make it difficult for the country to expand at rates similar to those being achieved in fast-growing emerging markets.

Speaking at the Discovery Invest Leadership Summit, the New York University Stern School of Business professor argued that infrastructure investment is especially critical if South Africa is to begin to fully realise the value of its vast mineral resources in the ground.

However, he also cautions that the near-term outlook for industrial commodities is being undermined by the prevailing economic uncertainties, and that prices could soften further should the markets begin fully pricing in the prospect of a double-dip recession. The longer-term outlook remains strong, though, owing to the growth and industrialisation prospects in countries such as China and India.

Also making headlines:
Libya's interim rulers say they’ve captured one of Muammar Gaddafi's last strongholds deep in the Sahara desert.

Egypt's army says emergency law will remain in place until June next year.

And, former US Vice-President Al Gore says investors' short-term outlooks are doing more harm than good.

That’s a roundup of news making headlines today.