By Peroshni Govender

DURBAN, Sept 22 (Reuters) - The African National Congresswill conclude on Friday one of its most important politicalevents in years where it tries to adjust its policies formanaging Africa's biggest economy.

The following is a look at what comes next for the ANC andits leader President Jacob Zuma, who is struggling to repair adamaged alliance with traditional partners in organised labourand ease worries from investors that he may back some of theirleft-leaning policies.

STRIKES

* The first task for Zuma and the ANC will be to formallyend a strike by about 1.3 million state workers over higherwages that has been put on hold to give rank and file time toconsider the government's offer.

* Leaders of the country's biggest labour federation COSATUunderstand the government cannot afford more than its offer of a7.5 percent wage hike, about double inflation, and 800 rand($113) a month for housing.

* Zuma criticised COSATU for how the strike was conductedand, if angered by their treatment at the ANC's National GeneralCouncil, it may retaliate by having its workers return to picketlines and renew their demands for an 8.6 percent wage increaseand 1,000 rand for housing.

* Likely outcome is that COSATU will not retaliate to thecriticism, which may be seen as justified after Zuma was thetarget of verbal barbs during the labour impasse, and have itsworkers sign off on the deal.

NATIONALISATION

* The government has assured investors during the meeting itwill not be nationalising the mines in the world's largestproducer of platinum and fourth largest of gold.

* But it cannot ignore growing calls from within the rulingparty and its alliance partners in labour to open a debate onnationalisation of some sectors.

* Advocates for nationalisation argue resources in themineral rich country are limited and strategic partnershipsbetween the government and business will raise money that couldbe used for infrastructure and job creation.

* Even though Zuma and his backers tried to end the push,the calls for nationalisation will not go away any time soon.

SUCCESSION

* The ruling party tried to dispel reports its big wigs arediscussing replacing Zuma when the ANC elects new leaders in2012 while promising to punish those who openly discuss it.

* But Zuma's future will not be on any firmer footing afterthe event, with succession a hot topic of the meeting, even ifthe talks were not made public.

* Senior members are concerned that Zuma's multiplemarriages, children out of wedlock, lack of direction oneconomic policies and what appears to be growing levels ofcronyism in his government are tarnishing the image of Africa'soldest political party.

* It appears Zuma may serve out his term as South Africa'spresident, which expires in 2014, but there are no guarantees ofa second term.

RAND POLICY

* Business and labour, who seldom agree, are both callingfor state to weaken the rand, whose strength is making importsmore expensive and exports less competitive.

* It will be difficult for the country to take any decisionon tweaking the currency other than rejecting the calls ofCOSATU for a drastic devaluation.

MEDIA APPEALS TRIBUNAL

* The ruling party says it wants to open a debate on thecreation of a media appeals tribunal but critics say it is aplan to silence the press who expose corruption in government.

* The media tribunal looks like it may be one of the fewmeasures proposed at the NGC that is soon implemented.

* But investors are more worried about a separate billparliament is considering that is designed to protect statesecrets. If passed, the bill would restrict media access toinformation concerning regulators and state-owned enterprises.

* Critics say that could cut investors off from informationaffecting equity, treasury and foreign exchange markets.

* MPs appear likely to curtail the broad definitions ofstate secrets that can be kept away from the media in the faceof criticism, but to what extent is uncertain. (Editing by Jon Herskovitz and Charles Dick)