Economy

BMW to build Czech test track for self-driving cars

German luxury automaker BMW said on Friday it will spend over $118 million on a test track for self-driving and electric cars in the Czech Republic, as it expands its foray into alternative driving technologies.

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Steinhoff African unit to repay $1.2 billion loan

Steinhoff's African business is preparing to repay $1.2 billion it owes to its parent, it said on Friday, a move that would go a long way to plugging a liquidity hole in the group fighting for survival in the wake of an accounting scandal.

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European stocks slip at the open

Europe's main stock markets slid at the start of trading on Friday as investors grew concerned about the prospect of United States tax cuts being enacted.

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SABC strike continues in South Africa

Labour analyst Terry Bell says the South African Broadcasting Corporation (SABC) board should make employees of the public broadcaster that are affiliated to trade unions BEMAWU and CWU understand that it's in a financial mess.

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Steinhoff’s Wiese resigns as chairperson

Troubled retail group Steinhoff said on Friday its Chairperson Christo Wiese had stepped down amid an accounting scandal that has also seen its chief executive quit and its shares plunge.

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H&M says to close more stores as customers go online

Swedish clothing giant Hennes & Mauritz on Friday said sales fell below expectations in the fourth quarter and it would close more stores as customers increasingly prefer to shop online.

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Asian markets down after Wall Street slips

Asian markets mostly fell on Friday following a sell-off on Wall Street as traders fear United States lawmakers will fail to pass much-vaunted tax cuts.

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SA welcomes Fuzile’s appointment in Standard Bank

Business Leadership South Africa (BLSA) has congratulated Standard Bank Group for appointing former director-general at National Treasury Lungisa Fuzile as the new chief executive of Standard Bank South Africa.

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Asian markets slip with Wall Street as tax reform fears bite

Asian markets mostly headed into the weekend with losses on Friday following a sell-off on Wall Street as traders fear US lawmakers will fail to pass much-vaunted tax cuts.

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Zambia sees 2017 copper output rising

Zambia’s 2017 copper output is expected to increase to between 800 000 and 850 000 tons due to stable power supply and higher copper prices from 774 290 tons in last year, mines minister Christopher Yaluma said on Thursday.

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