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Zambia plans to cut subsidies as agreed with the International monetary Fund, with talks on an aid package at an advanced stage, a presidential spokesman said on Tuesday. “The money that is being injected into subsidies will be invested in growth areas of the economy,” presidential spokesman Amos Chanda told a media briefing. Chanda said the IMF had indicated in talks with the government that the aid package would amount to around $1.2 billion dollars and negotiations would resume as soon as a new cabinet was appointed. Depressed global commodity prices have slashed Zambia's receipts for copper, its top export, and caused a 9 percent fall in the kwacha currency against the dollar since April, exposing the economy's over-reliance on the metal.
Plans to move Tokyo's Tsukiji fish market -- the world's largest -- were put on ice Wednesday over fears about toxic contamination at the new facility, as the cost of the move soars. The megacity's new governor, Yuriko Koike, said she would postpone the move set for November until at least early next year, as she awaits final groundwater testing results at the new site, a former gas plant. "Needless to say, it is a market that handles fresh food," Koike told a press conference as she announced the delay.
North Korea has executed a vice premier for showing disrespect during a meeting presided over by leader Kim Jong-Un, South Korea said Wednesday, after reports that he fell asleep. The regime also banished two other senior officials, Seoul said, the latest in a slew of punishments Kim is believed to have ordered in what analysts say is an attempt to tighten his grip on power. "Vice premier for education Kim Yong-Jin was executed," Seoul's Unification Ministry spokesman Jeong Joon-Hee said at a regular briefing.