Economy

UK business welcomes May's Brexit plan

British business welcomed a UK plan to keep strong European Union economic ties post Brexit, even though Prime Minister Theresa May was already counting the political cost.

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Rand on the front foot as Dollar slips

South Africa’s Rand was firmer early on Monday, inching ahead to a new two-week best as slower-than-expected growth in wages in the United States pressured the Dollar and solidified the local currency’s break of key technical levels.

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MTN Nigeria yet to file IPO application: Regulator

MTN Nigeria is yet to file its application for an initial public offering (IPO), Nigeria’s securities regulator said on Sunday.

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Wall Street stocks flat as US, China tariffs hit

Wall Street stocks were little changed early Friday following a solid US jobs report and the start of a long-anticipated trade war between the US and China.

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Rolls-Royce sells commercial marine unit

British engine maker, Rolls-Royce, announced Friday it has agreed to sell its loss-making commercial marine business to Norwegian industrial group Kongsberg for $700 million.

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Gold prices hit two-week high on short covering

Gold prices hit a near two-week high on Monday as investors covered their short positions and the dollar slipped to its weakest since mid-June, while lingering US-Sino trade tensions also supported the bullion.

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McKinsey head apologises over SA corruption scandal

McKinsey’s new global head will on Monday apologise to South Africans for work the firm did with friends of scandal-plagued former President Jacob Zuma, an ill-fated deal that tarnished the reputation of the world’s biggest consultancy.

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SA mines minister delays finalisation of draft mining charter

South Africa’s Mines Minister, Gwede Mantashe, said on Sunday he will extend by a month a period for public comment on a mining industry charter which lays out requirements for black ownership levels and other targets.

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US trade deficit hits 18-month low on record exports in May

A burst of US exports of soybeans, commercial aircraft and other goods drove the American trade gap to its lowest level in 18 months in May, the government reported Friday.

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SA net foreign reserves fall to $42.4 billion in June

South Africa's net foreign reserves fell to $42.447 billion in June from $42.872 billion in May, the Reserve Bank said on Friday.

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