Newly inaugurated South African President Jacob Zuma says radical socio-economic transformation policies and programmes will mark his second term of office.

After taking the Oath of Office to serve the country for a second term, in the official swearing in ceremony, President Zuma, looking dapper in a black suit, with his wife Sizakele MaKhumalo Zuma, standing close behind him, told the at least 4 500 guests gathered at the sunny Nelson Mandela Amphitheatre and the more than 20 000 celebrating below on the Southern Lawns of the Union Buildings that economic transformation will take centre-stage during this new term of government, as the country puts the economy on an inclusive growth path.

All the world’s eyes were focused on the Union Buildings this morning – which was graced with the presence of more than 40 Heads of State and/or Government, Vice-Presidents/Deputy Heads of State, Prime Ministers, and Former Heads of State and/or Government. Presidents who graced the occasion included those from Equitorial Guinea, Botswana, Cameroon, Chad, Lesotho, Mozambique, Zimbabwe and Nigeria. At least 14 Eminent Persons and 118 foreign ambassadors resident in South Africa were also present with South African royalty being among the special guests.

“Today marks the beginning of the second phase of our transition from apartheid to a national democratic society. This second phase will involve the implementation of radical socio-economic transformation policies and programmes over the next five years,” said the President, minutes after he took the National Salute, which consisted of the National Anthem, a simultaneous gun salute and presentation of arms, a salute flight, a 21-gun salute and a massed fly past by various South African Air Force aircraft.

“We have already placed before the nation, the National Development Plan, our road map which outlines the type of society we envisage by the year 2030.

“Through this programme, we will move South Africa forward to prosperity and success,” he said.

“At a social level, as outlined in the NDP, our vision is to develop communities where households will have access to housing, water, electricity, sanitation, safe and reliable public transport, health, education, security, recreational facilities, a clean environment and adequate nutrition to count a few.

“As the National Development Plan outlines, the structure of the economy will be transformed through industrialisation, broad-based black economic empowerment and through strengthening and expanding the role of the state in the economy.”

Thousands of people braved the chill and began arriving at the Union Buildings from early this morning to experience what was promised to be a memorable event. Those who could not attend were able to follow proceedings on television and radio, and at 47 public viewing areas in the provinces.

Today’s prestigious ceremony comes as South Africa celebrates 20 years of Democracy. A few weeks ago, the country held successful General Elections, in which the African National Congress (ANC) emerged as the victorious party.

The President said the country’s economic transformation programme also reaffirmed commitment to promoting local companies, entrepreneurs and cooperatives through local procurement by the state and its agencies. He said the National Development Plan (NDP) also prioritised the national infrastructure development programme.

“We will continue to build schools, railways, ports, universities, clinics, colleges, power stations, broadband, roads and more infrastructures around the country. This programme will continue to be the flagship of government.”

The newly inaugurated President was confident that the end result of all these transformative economic programmes would be a growing inclusive economy which creates jobs and provides opportunities for all, especially the youth.

“We have a lot of work to do. We will need the backing of a united and cohesive nation behind us as we move South Africa forward,” he said.

The excited crowd will now prepare to be wowed by performances by various leading artists, including the likes of Mafikizolo, Zahara, Yvonne Chaka Chaka, Kurt Darren and Chomee, while the President partakes in the Presidential State Luncheon at the Sefako Makgatho Presidential Guest House with visiting Heads of State/Government, VVIPs and VIPs. – SAnews.gov.za

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The Consumer Price Index (CPI) in April rose to 6.1% - breaching the Reserve Bank’s inflation target range.

“Headline CPI annual inflation rate in April 2014 was 6.1%. This rate was 0.1 of a percentage point higher than the corresponding annual rate of 6% in March 2014,” Statistics South Africa (Stats SA) said on Wednesday.

According to Stats SA, prices rose by 0.5 % on average between March and April 2014.

The food and non-alcoholic beverages index rose by 1.3% between March and April, while the transport index increased by 0.4% between March and April.

The miscellaneous goods and services index increased by 0.4% between March and April 2014. The annual rate increased to 6.6% in April 2014 from 6.5% in March 2014.

The Reserve Bank targets inflation between three and six percent.

Nedbank economists had expected Wednesday’s figure to come in at 6.2%. The bank expects inflation to continue to rise.

“We expect inflation to rise further in the short term and to remain above the Reserve Bank's 6% upper target range throughout this year and into the first half of 2015 due to a fragile rand and higher food prices,” said the economists.

The Reserve Bank’s Monetary Policy Committee (MPC) will make its decision with regards to interest rates, public tomorrow afternoon.

“The inflation outlook remains poor in the short term. The Reserve Bank has made it clear that we are in a rate-hiking cycle, but the extent and speed will be data dependent. We do not expect the Reserve Bank to raise rates at this Thursday's meeting, given that the rand has strengthened substantially since the bank's last meeting. However, given the need to balance growth prospects with higher inflation we anticipate that rates will rise by 25 basis points at two of the following four meetings,” said Nedbank.

At its last meeting in March, the MPC kept rates unchanged at 5.5% per annum. – SAnews.gov.za

Britain's AstraZeneca on Monday rejected a sweetened and "final" offer from Pfizer, undermining the U.S. drugmaker's plan for a merger to create the world's biggest pharmaceuticals group.

The rebuff came nine hours after Pfizer said on Sunday it had raised its takeover offer to 55 pounds a share, or around 70 billion pounds ($118 billion) in total, and would walk away if AstraZeneca did not accept it.

Shares in AstraZeneca tumbled 13 percent to 42 pounds by late morning as prospects of a takeover ebbed away. Some major shareholders expressed annoyance at the board's stance.

Pfizer wants to create the world's largest drugs firm, with a headquarters in New York but a tax base in Britain, where corporate tax rates are lower than in the United States. The plan has met entrenched opposition from AstraZeneca, as well as politicians and scientists who fear cuts to jobs and research.

"It died of multiple wounds. Too little cash, too many suspicions about Pfizer's motives, and too little confidence in its assurances about jobs," said Erik Gordon, professor at the University of Michigan's Ross School of Business. "Pfizer's chances are going down, despite its offer of a higher price."

AstraZeneca Chairman Leif Johansson said he had made clear in discussions with Pfizer that his board could only recommend a bid that was at least 10 percent above an offer of 53.50 pounds made by Pfizer on Friday, or 58.85 pounds.

In addition to the inadequate price, Johansson also slammed the lack industrial logic behind Pfizer's move; the risks posed to shareholders by the controversial tax plans; and the threat to life science jobs in Britain, Sweden and the United States.

"Pfizer's approach throughout its pursuit of AstraZeneca appears to have been fundamentally driven by the corporate financial benefits to its shareholders of cost savings and tax minimization," Johansson said.

"From our first meeting in January to our latest discussion yesterday, and in the numerous phone calls in between, Pfizer has failed to make a compelling strategic, business or value case."

Johansson's refusal to engage in discussions angered some shareholders, with one fund manager at a top-10 investor in the group telling Reuters: "We do not think the Astra management have done a good job on behalf of shareholders.

Alastair Gunn of top-30 shareholder Jupiter Fund Management said: "We are disappointed the board of AstraZeneca has rejected Pfizer's latest offer so categorically. They should have at least engaged in a constructive conversation with Pfizer."

However, Pfizer's proposed takeover would be the largest-ever foreign acquisition of a British company and is opposed by many scientists and politicians who fear it would undermine Britain's science base.

The U.S. group said its new offer was final and could not be increased. It said it would not make a hostile offer directly to AstraZeneca shareholders and would only proceed with an offer with the recommendation of the AstraZeneca board.

Pfizer also increased the cash element in its offer to 45 percent, under which AstraZeneca shareholders would get 1.747 shares in the enlarged company for each of their AstraZeneca shares and 24.76 pounds in cash.

The new offer represents a 15-percent premium over the current value of a cash-and-share approach made on May 2 - worth 50 pounds a share at the time - which was also swiftly rejected by AstraZeneca.

Pfizer Chief Executive Ian Read said he believed his proposal was "compelling" for AstraZeneca shareholders and expressed frustration at its refusal to talk, urging the British company's shareholders to pressure its board to engage.

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In the absence of further discussions or an extension of the deadline for making a firm offer under British takeover rules, Pfizer's proposal will expire at 12:00 p.m. ET (1600 GMT) on May 26. After that, it would have to wait six months before making another bid.

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