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We have lost a generation in South Africa but if we invest a lot of money in educating new generations then they will

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"We have lost a generation in South Africa but if we invest a lot of money in educating new generations then they will be far better equipped - for me that's a positive."Mr Booysen is the product of a peripatetic childhood, thanks to a stepfather who worked for the government's roads department. He saw lots of the country and studied for his accounting degree by correspondence with the University of South Africa.At 42, he is still at the start of his senior business career, having been appointed to Absa's top job only this summer. Although he has spent his entire career at the Absa group, he is specifically a product of its investment banking arm and is confident he can handle himself in the talks with Barclays "I've always liked a challenge. We've always had a vision for this company and with this transaction it can speed up the implementation of that strategy."Family man and career manPost: Chief executive, AbsaAge: 42Education: Mr Booysen says he attended "eight to 10 different schools" as a child as he travelled around the country with his family. He has a degree in accounting after taking a correspondence course with the University of South AfricaCareer: Absa man and boy.

The group is a conglomeration of banks and building societies that has been brought together in a series of deals. Before becoming chief executive in August, he was in charge of Absa's wholesale, international and business banking operations. He cut his teeth in Absa's investment banking division.Pay: As he only got the job in August, Mr Booysen's chief executive's pay has yet to appear in the company's annual report. However, his predecessor Nallie Bosman was paid 3.8m rand, or £340,000Family: Married with a daughter who turns 10 next week and a son aged sixHobbies: His family. Royal Mail withdrew its threat of legal action against Channel 4 last night after the broadcaster admitted that it had been wrong to claim that credit cards were being stolen from the post by temporary staff. The programme secretly filmed a Royal Mail agency worker admitting he had stolen a credit card from the post He then supplied it to an undercover reporter.

Channel 4 admitted yesterday that evidence subsequently supplied by Barclaycard proved the card in question had never been sent through the post and was, in fact, being fenced by the worker away from Royal Mail premises. "Channel Four regrets this inadvertent inaccuracy," it said in a statement issued with Royal Mail.The broadcaster also acknowledged that it had not got any evidence to support a newspaper advertisement for the Dispatches programme which depicted an actor dressed as a Royal Mail worker opening a birthday card and removing money from it. "During the period of undercover filming, no such or similar acts were filmed," the statement said.Channel 4 acknowledged the vast majority of Royal Mail's 200,000 workforce were honest but it added that the programme had provided a "valuable public service" in supporting Royal Mail's argument it should be allowed to vet casual workers for criminal records.. The Dollar plunged to an all-time low against the euro yesterday as traders brushed aside unexpectedly strong US labour market data to focus on mounting concern over its record current account deficit. The euro surged to $1.2968, passing the previous high of $1.2930 in February which triggered a chorus of calls from European finance ministers on central banks to intervene.The currency was boosted after Gerhard Schr?, the German Chancellor, suggested he would tolerate a stronger euro. It funded the deal partly with a £291m rights issue.Michael Gifford, a fund manager at F&C Asset Management, said: "It looked like a disappointing set of results, but investors would do well not to be too bearish on the stock as electricity and energy prices continue to rise.". To reduce dependency on this region, the company in July struck a $2.2bn (£1.2bn) deal to buy 13 power generation plants.

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