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South Africa Parliament Elects Jacob Zuma President

South African lawmakers have elected ruling party leader Jacob Zuma to be the country's next president. Mr. Zuma won an overwhelming (277-to-47) victory Wednesday in a parliament dominated by his African National Congress party. After the vote, he pledged to lead South Africa toward becoming a united, non-racial, non-sexist country.

The election caps a political comeback for Mr. Zuma, who was fired as South Africa's deputy president in 2005 in connection with a corruption scandal.

He later fought off corruption and rape charges to take control of the ANC, which has ruled South Africa since the end of apartheid, and won a resounding victory in last month's elections.

Mr. Zuma is set to be inaugurated on Saturday. A government spokesman says he will name his Cabinet by the following day.

Investors are eager to see whether Finance Minister Trevor Manuel retains his post. Manuel is widely respected by the business community but has clashed with South Africa's unions.