Tuesday November 15, 2011

From Creamer Media in Johannesburg, I’m Jessica Hannah

Making headlines:

The International Monetary Fund (IMF) says a sharp slowdown in world growth will increase the risk of recession in poorer countries, whose budgets have barely recovered from the last economic slump just two years ago. A report by the IMF states that there are "severe downside risks" to the global economic outlook and that the impact of another global slowdown on the poor could be even larger should world food prices rise again. Just last week, the Fund warned that advanced economies could tip back into recession unless their policymakers acted with greater urgency to agree on policies to boost growth.

Egyptians are facing a blizzard of posters and television adverts seeking their votes in the first free parliamentary election in decades but some campaigners are turning to tricks like tearing down rival posters in a race where every vote counts. The vote offers Egyptians the first real chance to choose who represents them. During Hosni Mubarak's 30-year rule, intimidation, ballot stuffing and graft ensured landslide wins for his ruling party. No one expects a return to that kind of routine rigging but, with everything to play for, the gloves have come off before staggered voting starts on November 28th.

South Africa will set up clear rules to govern foreign direct investment, says Finance Minister Pravin Gordhan, after the government drew criticism for its handling of Wal-Mart's bid for local retailer Massmart. Within the next year to 18 months, government should have a clear policy document in terms of inward investment, said Gordhan when asked about the differing views within the government over Wal-Mart's entry into South Africa. He added that the framework will clearly identify what industries are considered strategic industries. Where there are national interests there will be clear, transparent and consistent rules which investors are expected to understand before coming to South Africa. South Africa's competition regulator in May approved Wal-Mart's $2.4-billion acquisition of 51% of Massmart, a discount retailer with operations in Southern Africa.

Also making headlines:

Climate change is likely to lead to increased average rainfall in the world's major river basins but weather patterns will be fickle and the timing of wet seasons may change, threatening farming and food stocks.

And, Equatorial Guinea's proposed constitutional changes are on course to be approved after virtually all the results from 60% of the polling stations were in favour of the change, says a government statement.

That’s a roundup of news making headlines today.