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Zuma warning of economic 'pinch' Zuma warning of economic 'pinch'
(about 2 hours later)
South Africa is facing hard times economically, its newly inaugurated President, Jacob Zuma, warned in his acceptance speech.South Africa is facing hard times economically, its newly inaugurated President, Jacob Zuma, warned in his acceptance speech.
"Jobs are being lost in every economy across the world," he said. "We will not be spared the negative impact, and are beginning to feel the pinch.""Jobs are being lost in every economy across the world," he said. "We will not be spared the negative impact, and are beginning to feel the pinch."
But the ANC leader said the foundations of the economy were strong.But the ANC leader said the foundations of the economy were strong.
Mr Zuma's first task as president is to form his cabinet and he is due to announce its composition on Sunday.Mr Zuma's first task as president is to form his cabinet and he is due to announce its composition on Sunday.
Investors are watching to see if Finance Minister Trevor Manuel, who has been praised for his fiscal management, will be retained and also to what extent Mr Zuma's communist allies will be represented.Investors are watching to see if Finance Minister Trevor Manuel, who has been praised for his fiscal management, will be retained and also to what extent Mr Zuma's communist allies will be represented.
Nelson Mandela and wife Graca Machel were among the guestsNelson Mandela and wife Graca Machel were among the guests
Mr Manuel has expressed confidence in the new leader's abilities.Mr Manuel has expressed confidence in the new leader's abilities.
"Frequently people look for experience but what matters is attitude and aptitude," he said."Frequently people look for experience but what matters is attitude and aptitude," he said.
"The mood is very buoyed. Feeling very strong. There's a big wave to ride.""The mood is very buoyed. Feeling very strong. There's a big wave to ride."
Mr Zuma was elected president by parliament after the African National Congress won the general election last month, albeit with a slightly reduced majority.Mr Zuma was elected president by parliament after the African National Congress won the general election last month, albeit with a slightly reduced majority.
'Firm foundation''Firm foundation'
He was sworn in on Saturday before 5,000 invited guests and crowds of supporters who had gathered at the Union Buildings in Pretoria.He was sworn in on Saturday before 5,000 invited guests and crowds of supporters who had gathered at the Union Buildings in Pretoria.
He [Thabo Mbeki]... laid a firm foundation for economic growth and development Jacob Zuma South African president In pictures: Zuma's inauguration Party atmosphere as Zuma is sworn in Analysis: Zuma's challenges He [Thabo Mbeki]... laid a firm foundation for economic growth and development Jacob Zuma South African president In pictures: Zuma's inauguration Party atmosphere at swearing in Analysis: Zuma's challenges
"We must acknowledge that we find ourselves in difficult economic times," he said."We must acknowledge that we find ourselves in difficult economic times," he said.
Despite his bitter power struggle with his predecessor Thabo Mbeki, the new president paid tribute to his economic management.Despite his bitter power struggle with his predecessor Thabo Mbeki, the new president paid tribute to his economic management.
Mr Mbeki had, he said, created a "firm foundation" for economic growth and development.Mr Mbeki had, he said, created a "firm foundation" for economic growth and development.
Turning to the 2010 World Cup, he promised "a world class event that will forever change the perceptions of the international community", drawing loud applause.Turning to the 2010 World Cup, he promised "a world class event that will forever change the perceptions of the international community", drawing loud applause.
All South Africa's leaders since 1994 attended the lavish ceremony in Pretoria.All South Africa's leaders since 1994 attended the lavish ceremony in Pretoria.
Jacob Zuma thanked Nelson Mandela for healing the wounds of the past in South Africa and establishing the "Rainbow Nation".Jacob Zuma thanked Nelson Mandela for healing the wounds of the past in South Africa and establishing the "Rainbow Nation".
The Mandela-Mbeki years are now part of history, the BBC's Peter Biles reports, and it is President Zuma who has to address huge economic and social challenges.The Mandela-Mbeki years are now part of history, the BBC's Peter Biles reports, and it is President Zuma who has to address huge economic and social challenges.
The first test of his presidency will come in the 24 hours when he reveals the members of his cabinet, our correspondent says.The first test of his presidency will come in the 24 hours when he reveals the members of his cabinet, our correspondent says.
Epic struggleEpic struggle
Jacob Zuma's journey to the Union Buildings has been an epic struggle, our correspondent adds.Jacob Zuma's journey to the Union Buildings has been an epic struggle, our correspondent adds.
He was sacked as vice-president by Thabo Mbeki four years ago after being implicated in a corruption scandal - allegations Mr Zuma always denied.He was sacked as vice-president by Thabo Mbeki four years ago after being implicated in a corruption scandal - allegations Mr Zuma always denied.
The case was eventually thrown out amid evidence of government meddling in the investigation.The case was eventually thrown out amid evidence of government meddling in the investigation.
In February 2006, he was acquitted of rape in a separate case, though he was widely criticised for his comments about sex and HIV/Aids.In February 2006, he was acquitted of rape in a separate case, though he was widely criticised for his comments about sex and HIV/Aids.
At the time, few observers believed Mr Zuma could remain a serious contender for president, our correspondent says.At the time, few observers believed Mr Zuma could remain a serious contender for president, our correspondent says.
But he fought to clear his name, retained enormous popularity, especially among his fellow Zulus, and led the ANC to a convincing election victory two weeks ago on a pro-poor populist ticket.But he fought to clear his name, retained enormous popularity, especially among his fellow Zulus, and led the ANC to a convincing election victory two weeks ago on a pro-poor populist ticket.
He has listed his five priorities as land redistribution, education, health, lowering crime levels and finding decent work for all South Africans.He has listed his five priorities as land redistribution, education, health, lowering crime levels and finding decent work for all South Africans.
BBC News would like to hear from South Africans in their country and abroad.BBC News would like to hear from South Africans in their country and abroad.
What are your thoughts about today? What kind of president do you think Jacob Zuma will make? What are some of the main issue's he's going to have to tackle?What are your thoughts about today? What kind of president do you think Jacob Zuma will make? What are some of the main issue's he's going to have to tackle?
A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below.A selection of your comments may be published, displaying your name and location unless you state otherwise in the box below.
The BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & ConditionsThe BBC may edit your comments and not all emails will be published. Your comments may be published on any BBC media worldwide. Terms & Conditions