The Union Buildings in Pretoria are the seat of South Africa’s presidency. (Image: South African Tourism) Kgalema Motlanthe (Image: Passia)Mary AlexanderThe African National Congress (ANC), South Africa’s ruling party, announced today that it is to appoint Kgalema Motlanthe as acting president of the country, following the resignation of Thabo Mbeki on Sunday, and has reassured investors that economic policies will remain unchanged..Motlanthe, the deputy president of the party, is expected to assume office on Thursday 25 September.Today, 11 Cabinet ministers and three deputy ministers resigned from their posts in the aftermath of Mbeki’s resignation, including South African Deputy President Phumzile Mlambo-Ngcuka and Minister of Finance Trevor Manuel. The others are Mosiuoa Lekota (minister of defence), Essop Pahad (the presidency), Ronnie Kasrils (intelligence), Ngconde Balfour (correctional services), Alec Erwin (public enterprises), Mosibudi Mangena (science and technology), Thoko Didiza, Sydney Mufamadi (provincial and local government), and Geraldine Fraser-Moleketi (public service and administration).The deputy ministers who resigned are Aziz Pahad (foreign affairs) Jabu Moleketi (finance) and Loretta Jacobus (correctional services).No change in economic policiesSouth Africa has seen unprecedented economic growth under the Mbeki presidency, and was highly regarded by the business community. On Monday, Zuma reassured investors that the transition would be smooth, with no changes in economic policies.“We have to achieve sound economic growth and development, in spite of the global economic crisis,” the ANC president said. “Our economic policies will remain stable, progressive and unchanged, as decided upon in previous ANC national conferences, including Polokwane.”Investors seemed unperturbed by Mbeki’s resignation, with the JSE, South Africa’s stock exchange, rising 1.93% yesterday and Fitch Ratings retaining SA’s BBB+ credit rating.Zuma also briefed reporters about the priorities of the government under the new president.“The ANC, led by its president and the NEC, will now focus energies on preparing for the 2009 elections and the new administration next year. After the elections, the ANC will take further the fight against crime to build safer communities, as stated in our Polokwane resolutions.“We will focus more on improving the quality of health service delivery and the reduction of diseases such as HIV and Aids, tuberculosis and others.“We will prioritise education and skills development, as well as land and agrarian reform, as key tools in the fight against poverty.”Do you have queries or comments about this article? Email email@example.com.Related articlesMbeki resigns as SA presidentGovernment in South AfricaSouth Africa’s ConstitutionSouth Africa’s political partiesUseful linksPresidency of South Africa Parliament of South AfricaSouth African Government Online
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If you’re 50 or over, we believe these stocks could be a great fit for any well-diversified portfolio, and that you can consider building a position in all five right away. See all posts by Jabran Khan Jabran Khan | Friday, 30th October, 2020 | More on: VVO Image source: Getty Images Is this FTSE 250 stock a bargain or one to avoid? Here’s what I think Jabran Khan has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Our 6 ‘Best Buys Now’ Shares Enter Your Email Address 5 Stocks For Trying To Build Wealth After 50 One FTSE 250 stock I like and that is very cheap right now is Vivo Energy (LSE:VVO). VVO is a British company that distributes and markets Shell and Engen branded fuels and lubricants to retail and commercial customers in Africa. It maintains subsidiaries and operations in 23 countries across the continent. Cheap FTSE 250 stockAt the beginning of the year, shares in VVO could be purchased for 125p. When the market crashed, its share price tumbled to a low of 64.5p. As I write this, it has recovered slowly and shares are currently trading at only 75p per share. At its current price point I consider VVO to be quite cheap.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…VVO joined the FTSE 250 in April 2018 and was trading at a high of 172.5p per share. An argument could be made that its reduction in price is not a positive sign. My response to that would be that the recent economic downturn has affected nearly all companies and industries in a negative way. I would not base any investment opinion on share price alone, especially not right now due to the pandemic and crash.PerformanceReviewing Vivo’s longer-term performance across the past three years makes for positive reading. It has seen a year-on-year increase in revenue and gross profit, which is definitely a positive indicator for any investor.VVO today released its Q3 trading update and I feel there are some positive takeaways from it. As expected, Q2 was difficult for many firms in the FTSE 250.VVO recorded a gross cash profit of $187m which is impressive despite the recent restrictions it has faced due to the pandemic. This is only a 1% decrease compared to the same period last year when there were no restrictions or pandemic. Q3 volumes of 2,492m litres was a significant improvement from Q2 although it remained 7% lower year-on-year. VVO’s retail segment saw lower volumes but an improvement compared to the previous quarter. In addition to this, a number of countries it serves returned to year-on-year growth during Q3. Its commercial segment volumes were lower and impacted by a lack of international travel and movement.VVO initially suspended its 2019 dividend of 2.7 cents per share when the economic downturn first occurred. In its update today it has confirmed that it will now pay that dividend in December to shareholders who are on the register by 20 November 2020. This is a positive move as it shows the firm is confident in its financial flexibility and can reinstate its dividend.My verdictOverall, I really like Vivo Energy but there is an element of risk. There are positives, in that longer-term performance has been impressive. Its Q3 trading update shows that despite the market uncertainty, it is getting closer to pre-crash levels of performance and volumes. Due to the ongoing economic uncertainty and potential further restrictions, we could see another repeat of Q2 performance. This is where I believe the risk lies for VVO. At this moment, I would be willing to buy some shares in VVO. I wouldn’t be investing lots of cash but feel it could be worth buying some shares and keeping an eye on developments across the FTSE 250. Simply click below to discover how you can take advantage of this. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. 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