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Sat,21Apr2018

South Africa

Old Mutual says could dual-list wealth, emerging markets units

Photo©ReutersOld Mutual said on Wednesday its preferred option after splitting into four would be to have two of the new companies listed on both the London and Johannesburg stock exchanges.

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Brexit aftershocks hit South African currency

Photo©ReutersSouth Africa's rand weakened against the dollar in early trade on Monday as investors' appetite for risk took a hit from Britain's vote to leave the European Union.

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South African president Zuma's appeal denied

President Jacob Zuma. Photo©Themba Hadebe/AP/SIPASouth African President Jacob Zuma's efforts to avoid trial on corruption charges have once again failed after a court dismissed an appeal to have the charges withdrawn.

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African markets prepare for Brexit turbulence

File photo©AP/SIPAAfrican currencies, markets and political unions are readying themselves for turmoil after Britain's vote to leave the European Union (EU) sent shockwaves through global financial markets and cast doubts on one of the most ambitious political projects in modern history.

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South Africa's Steinhoff says Poundland board declines offer proposal

South African furniture retailer Steinhoff International said on Friday Britain's Poundland's board had rejected a proposal about a possible cash offer.

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South Africa's union threatens to strike over SABMiller scheme

File photo©Andy Wong/AP/SIPASouth Africa's Food and Allied Workers Union (Fawu) said on Thursday it will strike and may take legal action if no agreement is reached with brewer Anheuser-Busch InBev on SABMiller's plan to give blacks a larger role in the business.

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South Africa local elections: ANC won't budge amid riots over mayoral candidate

Photo©Shiraaz Mohamed/AP/SIPAIn spite of riots that have led to five deaths and wide scale looting, South Africa's ruling ANC says it is sticking with Thoko Didiza as its mayoral candidate for Tshwane.

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Finance: Calling South Africa's big-game hunters

Photo©All Rights ReservedAs financial institutions Old Mutual and Barclays Africa are split and sold off, the titans of South African business are slowly disappearing.

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Energy investments: Africa-focused funds fuse $3.3 bn electric power assets

File photo©Ferdinand Ostrop/AP/SIPATwo Africa-focused funds have created a new energy joint venture capable of generating 1,575 megawatts (MW) of electricity in at least 10 countries by merging assets totalling $3.3 billion.

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South Africa's ruling party supporters riot over poll candidate

File photo©OBED ZILWA/AP/SIPASupporters of South Africa's ruling African National Congress (ANC) have brought the country's capital city to a standstill after days of protests over the selection of a mayoral candidate ahead of August's local government elections.

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South African rand edges up as more investors bet against Brexit

Photo©ReutersSouth Africa's rand recouped some of the previous day's heavy losses against the dollar on Friday as risk appetite revived, with more bets placed on Britain voting to stay in the EU following the killing of a pro-EU lawmaker.

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South Africa celebrates 40th anniversary of Soweto Uprising amid biting youth unemployment

Photo©Themba Hadebe/AP/SIPAMillions of South Africans are on Tuesday commemorating the 40th anniversary of the youth uprisings in Soweto in 1976, where an estimated 600 school children and young people were killed by the apartheid government.

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South Africa's Steinhoff buys UK's Poundland stake ahead of possible takeover bid

South Africa's Steinhoff has bought 23 percent of Poundland and is considering a full cash bid for the British no-frills homeware chain in its latest attempt to expand in Europe.

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Mining: South Africa's NUM gets exclusive union rights at RBPlat

File photo©ReutersSouth Africa's National Union of Mineworkers (NUM) has secured exclusive union rights for workers at platinum producer Royal Bafokeng Platinum (RBPlat).

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Telecoms: MTN to list in Nigeria as part of $1.7 bn fine deal

File photo©Sunday Alamba/AP/SIPAFile photo©Sunday Alamba/AP/SIPASouth African telecoms group MTN will take immediate steps to list shares in Nigeria as part of a deal to settle a dispute over unregistered SIM cards and will also issue an apology, according to a copy of the agreement.

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MTN agrees to pay $1.6bn Nigeria fine

An MTN advertisement is seen on a giant electronic board over a slum in Lagos, Nigeria. Photo©Sunday Alamba/AP/SIPAAfter months of legal wrangling, MTN, Africa's largest mobile network operator, has agreed to pay a $1.67 billion-dollar fine to the Nigerian government and has informed shareholders that the matter has been resolved with the West African country's communication authorities.

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Fearing killings, South Africa platinum workers press on with strike

Mining minister Mozebenzi Zwane. Photo©ReutersWorkers at a South African platinum mine rocked by deadly clashes between rival trade unions have vowed not to return to work until management guarantees their safety.

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Investment: Saudi power firm ACWA eyes South African projects despite currency concerns

Photo©ReutersSaudi-based ACWA Power expects to win further business in South Africa this year as the power plant developer rides out concerns about the country's currency to tap into its need for more electricity.

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No junk status for South Africa, but Fitch says low GDP worrisome

Photo©Denis Farrell/AP/SIPARatings agency, Fitch has become the third agency to affirm South Africa's BBB minus investment grade rating, with a stable outlook, but have said low gross domestic product (GDP) growth remains a big worry.

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South Africa mine killings raise tensions

Northam Platinum mine chief executive officer Paul Dunne A leading South African trade union has been unsettled by the killing of its members at one of the country's leading platinum mines with the latest murder sparking a job boycott.

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