Economy

SA's economy to grow: Moody’s

Ratings agency Moody's has given its opinion on South Africa's economic growth prospects, pointing to the dangers of growth due to rising policy uncertainty, high unemployment and high public debt.

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Oil edges up on bets on falling US crude stocks

Oil prices edged up on Wednesday, lifted by hopes United States (US) crude inventories declined for a seventh straight week, although markets were still restrained by excess supply.

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Hedge fund Elliott raises stake in BHP

Hedge fund Elliott Management has raised its stake in BHP Billiton to 5%, bolstering its position to agitate for change at the top global miner, but signalled its support for the incoming chairperson.

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Brazil prosecutor to file charges against J&F executives

A Brazilian federal prosecutor believes top executives of J&F Investments did not confess all their crimes in plea-bargain testimony and plans to bring corruption charges against them, the Estado de S. Paulo newspaper reported on Tuesday.

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EMR Capital to take stake in Zambia copper mine

Private equity house EMR Capital has purchased an 80% stake in a Zambian copper mine from African Rainbow Minerals (ARM) and its partner for $97.10 million, ARM said on Tuesday.

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Uganda signs deal with DRC to build power line

Uganda has signed a preliminary agreement with neighbouring Democratic Republic of Congo (DRC) to build a power transmission line connecting both countries so that Kampala can sell electricity to the eastern Congo.

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Walnut whipped out as Nestle introduces nut-free fondants

Nestle risked an outbreak of consumer mockery on Wednesday by launching new versions of its popular Walnut Whip candies lacking the nutty ingredient after which they are named.

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Rand steadies ahead of retail sales

South Africa's Rand steadied against the dollar early on Wednesday ahead of retail sales figures that should give more clues to the health of the economy in the second quarter.

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Nigerian stocks down to almost two-week low

Nigerian stocks fell on Tuesday to a near two-week low, dragged down by losses in banking, cement and fast moving consumer good sectors, as some investors took profits from previous gains in the market, traders said.

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Vodacom Tanzania's shares rise on first day of trading

Shares in Vodacom Tanzania Plc, part of South Africa's Vodacom Group, rose nearly 6% above their issue price in their debut on the Dar es Salaam Stock Exchange on Tuesday.

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