• SOUTH AFRICA NAMES FIRST BLACK FINANCE MINISTER

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    JOHANNESBURG: South African President Jacob Zuma on Sunday (Monday in Manila) tapped former junior minister Nhlanhla Nene to become the country’s first black finance minister. His appointment represents a statement of intent from Zuma, who has vowed to bring radical social and economic transformation in his second five-year term. Within South Africa’s ruling ANC there is a strong desire to put more economic power in black hands. In the 20 years since South Africa struggled free from racist apartheid rule, the economy remains predominantly in white hands, despite a raft of empowerment programs. “Economic transformation will take center-stage during this new term of government as we put the economy on an inclusive growth path,” Zuma said at his inauguration on Saturday. Nene had served as the deputy to internationally respected finance chief Pravin Gordhan, who is of Indian origin.

    AFP

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