Word: pretoria
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...unload its holdings in South Africa. Britain is South Africa's largest outside investor, with assets worth an estimated $8.5 billion, or 40% of the foreign holdings in the country. If other British firms decide to follow Barclays' example, the exodus could have severe economic and political repercussions for Pretoria...
...reason, British and U.S. companies have an incentive to leave while reasonable deals are still available. Warned an editorial in the Star, Johannesburg's largest daily newspaper: "The present disinvestment stream could become a flood, as foreign companies rush to cash in their chips while the going's good." Pretoria is hoping that Barclays' departure is not the first wave of the flood...
...President will have his hands full, especially if he is to avert a confrontation between his desperately poor, war-racked country and Pretoria. Last week South African Foreign Minister Roelof ("Pik") Botha charged that documents recovered from the crash indicated that Machel and officials in Zimbabwe had plotted the overthrow of Malawi's Hastings Banda, President of the only black African state that maintains full diplomatic relations with Pretoria. In the event of a coup, warned Botha, the "whole of southern Africa would pay a heavy price...
...Pretoria's growing isolation was underscored late last week at a meeting of the 136-nation International Red Cross in Geneva. In a vote led by black African countries, the Red Cross refused to seat the government delegation from South Africa. It was an unprecedented rebuke by an organization that has long prided itself on adhering to principles of "universality and impartiality...
...country's leaders, determined to go their own way, are convinced they can continue to prosper even in economic isolation. Officials are already gearing up to circumvent trade sanctions. They have long since proved their skills at "sanctions busting," by defying the United Nations arms embargo imposed against Pretoria in 1977. To combat the new U.S. measures and also those imposed by the European Community and Japan in September, the government of State President P.W. Botha has now established an office for "unconventional trade...