Thursday April 21, 2011

From Creamer Media in Johannesburg, I’m Jessica Hannah

Making headlines:

The Department of Trade and Industry announced that President Jacob Zuma has signed the Companies Amendment Act of 2010 into law, with effect from May 1. Trade and Industry Minister Dr Rob Davies said the new Companies Act has a number of features to it, which would improve the business operating environment in South Africa. A significant innovation was the introduction of a business rescue scheme, which would mean that instead of companies going into major judicial management and subsequent bankruptcy, a rescue process would be initiated. Creditors could then be held at bay while stakeholders worked to rescue the company.

Ivorian security forces have launched an offensive to stamp out remaining militia and mercenaries loyal to former president Laurent Gbagbo who are holed up in an Abidjan neighbourhood, officials said. Days of heavy fighting brought Alassane Ouattara to power last week, ending a four-month post-election wrangle, but the heavily populated neighbourhood of Yopougon remains awash with pro-Gbagbo fighters who retreated after a French and United Nations-backed assault led to Gbagbo's arrest. There was no official comment from Ouattara's government but a diplomat confirmed the operation and a member of the security forces who was involved said "mopping up" was under way.

An unfolding corruption scandal involving a South African government minister's expensive trips to see his jailed mistress in Switzerland is expected to undermine the ruling party ahead of local elections next month. The African National Congress (ANC) is expected to roll to victory in the May 18 vote, but the scandal could cost it control of urban areas and undermine President Jacob Zuma as ANC rivals look to unseat him.
Zuma, who pledged to stamp out corruption in Africa's largest economy when he took office two years ago, this week said he has noted media reports that Cooperative Governance Minister Sicelo Shiceka was suspected of spending R335 000 in State funds to visit his imprisoned girlfriend.

Also making headlines:

The son of Libyan leader colonel Muammar Gaddafi said the government would prevail over rebels trying to oust his father and a new constitution was ready for when the insurgency was defeated.

The success of South Africa’s cities is crucial to the strengthening of the rural areas and the country as a whole, Cooperative Governance and Traditional Affairs Deputy Minister Yunus Carrim said.

And, South African power utility Eskom will spend about R300-billion by 2018, the newly appointed director-general of the National Treasury said.

That’s a roundup of news making headlines today.