Monday January 16, 2012

From Creamer Media in Johannesburg, I’m Brad Dubbelman

Making headlines:

South Africa's Treasury reacted to a Fitch downgrade of the country's outlook on Friday by saying it remains committed to the prudent execution of growth and policies that boost employment. The National Treasury said that it viewed the downgrade in the context of "the challenges that the global economy is going through and the persistent uncertainty in the global economic environment." Fitch said it downgraded the outlook because it had seen limited progress on several long-standing structural issues, such as chronic unemployment, that had caused Africa's biggest economy to fall behind its peers.

The Muslim Brotherhood will control close to half the seats in the first Egyptian Parliament elected since an uprising swept Hosni Mubarak from power last year, according to a projection posted by the group. Underlining the depth of change in Egypt since Mubarak was toppled, the Islamist group banned under the ousted leader will secure 232 seats, or 46%, of the lower house in the election that started in November and is now drawing to a close. The more hardline Nour Party, which advocates the strict application of Islamic law, has emerged with 113 seats, or 23%, putting Islamists of different stripes in control of more than two-thirds of the chamber, according to the figures.

President Goodluck Jonathan and labour unions failed in overnight talks to reach a compromise over the removal of fuel subsidies that has raised fears of a shutdown of Nigeria's oil industry, union and presidency sources said. Jonathan is expected to make a public address later today and unions declined to comment until he had spoken. Unions said that nationwide strikes and protests would resume today if no agreement was reached in Africa's second-largest economy and number one crude producer.

Also making headlines:

Twelve moderate Islamist parties in Libya have rejected a proposed election law because it encourages voting along tribal lines and gives undue influence to the wealthy, they said.

That’s a roundup of news making headlines today.