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May 25, 2014 AT 10:00 AM
South African President Jacob Zuma promoted deputy finance minister Nhlanhla Nene to finance minister on Sunday, replacing the widely respected Pravin Gordhan in a new cabinet line-up at the start of a second five-year term in office. The day after a glitzy inauguration in Pretoria, the 72-year-old Zuma also confirmed millionaire businessman Cyril Ramaphosa as his deputy president, a decision likely to go down well with investors and the private sector.