| Manuel: Economy shows signs of strain
Finance Minister Trevor Manuel said at the launch of the latest Medium-Term Budget Policy Statement (MTBPS) on Tuesday that while the past four years have been good for the South African economy, it has begun to show signs of strain.He noted that these signs of strain are reflected in rising inflation and a high current-account deficit.Manuel emphasised that to progress towards sustainable growth above 6%, a series of micro-economic reforms is required to raise productivity, lower the costs of doing business, cut red tape, invest more in skills and increase the labour-absorptive capacity of the economy."We also have to increase spending on social and economic infrastructure to remove constraints to growth and share the gains of this expansion more widely," he said.He concluded that the budget framework makes a contribution to higher growth and poverty reduction through investment in infrastructure, human development and community services."To ensure that both the public finances and economic growth are sustainable for present and future generations, the framework also signals more moderate growth in government expenditure over the medium term." He said the government is proposing to budget for a surplus of about 0,6% of GDP for the next three years.
Business People
Riverview Community Bank, has appointed Diana Fitzpatrick to vice president and cash management officer. Fitzpatrick comes to Riverview with 25 years of local banking experience. She is a member of the Association for Financial Professionals Northwest Chapter and was a past board member for Southwest Washington Independent Forward Thrust. MARKETING AND ADVERTISING Overland Agency has hired Angela Karst as an account supervisor. Karst spent the past five years with Monster.com as a client services manager and project manager in the Portland and Chicago offices. NONPROFIT All Classical 89.9 KBPS, a nonprofit 24-hour classical music station serving Oregon and southwest Washington, has named Maynard Orme interim executive director, replacing Sarah Shelley. He is the former president and chief executive officer of Oregon Public Broadcasting.
Judge ousts 3 from control of Painter Tool
A dispute over control of Painter Tool in North Huntingdon, described by a judge as nothing more than a "family squabble," has been settled. U.S. Chief Bankruptcy Judge M. Bruce McCullough Wednesday placed David Painter in control of the bankrupt company and removed his brothers, Terry, Daniel and Rodger Painter, as owners. The legal fight among the four brothers had included charges of embezzlement, fraudulent conveyance and tax fraud. Terry, Daniel and Rodger Painter invoked their Fifth Amendment rights against self-incrimination, according to court documents. For eight years, David Painter has been trying to wrest control of the firm from his brothers, whom he accused of using the firm as "their personal piggy bank." .
Ameris Bank closes on site for second branch in area
True to its word about fanning out across the region as soon as possible, Moultrie, Ga.-based Ameris Bank closed on a property in West Ashley for what will become the lender's second Charleston-area branch. Last Thursday the bank closed on a property at 834 Savannah Highway, near Magnolia Road. Ameris hopes to serve its first customer there near the end of the first quarter of next year. The bank's also close to signing a lease for an office on Trolley Road in Summerville and is busy looking for a Mount Pleasant location. Last month, Ameris officially opened in downtown Charleston at 49 Archdale St., part of a plan to grow its South Carolina operations into a $1 billion concern within five years. If you remember, back in January, Ameris Bancorp, the lender's holding company, gained a foothold in the state when it completed its purchase of Beaufort-based Islands Bancorp and its wholly owned subsidiary, Islands Community Bank.
Israeli Cabinet discusses release of Palestinian prisoners ahead of US peace conference
JERUSALEM -- Israel's Cabinet convened Monday morning to debate the release of Palestinian prisoners and Israeli and Palestinian leaders were due to meet later in the day, as preparations for next week's high-profile Mideast conference called by U.S. President George W. Bush moved into high gear. On the agenda at the weekly Cabinet session was a proposal to release 450 Palestinian prisoners of about 9,000 Israel is holding. Hard-liners in the Cabinet were opposed, while Palestinians demanded freedom for at least 2,000. Cabinet hawk Avigdor Lieberman said that although the candidates for release had not directly participated in attacks on Israelis their intentions were not peaceful. "They intended to kill, to murder," he told Israel Radio. "They did not succeed because of the security services, because of the army." Although Lieberman said he would argue against freeing the latest batch of prisoners, Prime Minister Ehud Olmert was expected to win a comfortable Cabinet majority.
Nigeria: LCCI Commends Ecobank's Participation At Trade Fair
The Lagos Chamber of Commerce and Industry, LCCI,organizers of the Lagos International Trade Fair hascommended Ecobank participation at the 2007 edition of the fair. President of the Chambers, Dr. Ademola Ajayi who was speaking the bank during the "Ecobank Day" at the fair said the unique features of the bank which has seen it spreading to 20 countries in Africa is an attestation to the its acceptance by the people. .
Legal bills near $1M in whistle-blower suit
Legal bills to defend the state Board of Public Utilities and three top officials against a whistle-blower lawsuit could reach $1 million before the case begins trial. The trial was supposed to begin last Tuesday but has been adjourned until Jan. 28. In the lawsuit, BPU fiscal chief Joseph Potena claims his supervisors became critical of his job performance, threatened insubordination charges and usurped his responsibilities after he alerted the state Treasury Department that the board had set up an $80 million to $100 million Clean Energy account in a private bank without Treasury approval. Several factors contributed to the latest delay: an addition of a medical expert to testify about Potena's 2005 heart attack, an unrelated trial before Superior Court Judge Paul T.
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