Economy

SA slump batters smaller neighbours protecting Rand peg

South Africans aren’t the only ones struggling through the country’s economic slump.

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Egypt's GASC announces first rice purchasing tender for 2018

Egypt's State grain buyer, the General Authority for Supply Commodities (GASC) said on Thursday it was seeking cargoes of 25 000 tons of rice, plus or minus 5%, in an international purchasing tender.

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US wants to question Hyundai, Kia over engine fire reports

The Senate Commerce Committee’s Republican chairperson and ranking Democrat said they had asked top US executives at Hyundai Motor Co and Kia Motors Corp to testify at a hearing on reports of engine fires involving vehicles from Korean automakers.

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SA Finance Minister to stick close to February budget

South Africa’s new Finance Minister, Tito Mboweni, will next week stick closely to previous budget forecasts for the coming two fiscal years, with only slight slippages due to poor revenues, economists predicted in a Reuters poll.

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Steinhoff investors to suspend legal battle as firm recovers

Steinhoff said on Wednesday investors who are suing the crisis-hit firm had agreed to suspend litigation until 2019, allowing the retailer time to focus on its recovery.

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Old Mutual sells all 5.5 million shares in Nedbank

South Africa's Old Mutual Ltd said on Thursday it sold all 5.5 million shares in Nedbank Group Ltd to select institutional investors, marking the final step in the spinning-off of the unit.

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Facebook tentatively concludes spammers behind recent data breach

Facebook Inc has tentatively concluded that spammers looking to make money, and not a nation-state, were behind the largest-ever data theft at the social media company, the Wall Street Journal reported on Wednesday.

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Dis-Chem profit up as market share increases

South African pharmacy group, Dis-Chem’s half-year profit on a per share basis rose 10.5% as it lifted its market share across all divisions.

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SA retail sales jump as spending on consumer goods rises

South Africa’s retail sales rose in August as household goods, clothing and cosmetics grew, data showed on Wednesday, with recovering consumer spending a sign the economy is climbing out of a recession that has piled pressure on the President.

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Nigeria, MTN closer to settlement: Minister

Nigeria’s central bank and South African telecommunications firm, MTN, could soon strike a deal in their dispute over the repatriation of $8.1 billion, Nigeria’s Information Minister said on Wednesday.

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