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Zambia shuts three of Shoprite’s Hungry Lion restaurants

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Zambia has shut three of South African retailer Shoprite’s Hungry Lion fast-food restaurants after their food tested positive for the bacterium that causes cholera, a government minister said on Thursday. Zambia is struggling to contain an outbreak of the disease, which has killed 51 people and made more than 2,000 others sick in the capital Lusaka. The outbreak was initially ...

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New Zimbabwe government seeks to sell stakes in state-owned companies

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Zimbabwe has invited bids to buy stakes in up to eight loss-making state-owned enterprises, including its national airline and power utility, to help plug a ballooning budget deficit, its deputy finance minister said on Wednesday. “We are diluting our shareholding in those entities and our shareholding might go to zero percent in some entities,” Terence Mukupe said. – Credit: CNBC ...

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Rand enjoys best quarter in more than seven years

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Robust economic growth, a soft dollar and subdued borrowing costs helped emerging stocks race towards the 2017 finishing line on Friday as the year’s best performing asset class, while many currencies also looked back on solid gains. MSCI’s emerging equity benchmark rose 0.4 percent on the year’s last trading day, having added 34 percent since January – their best annual ...

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Heineken to open $100MN brewery in Mozambique in 2019

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Heineken will open a $100 million brewery in Mozambique, its first production facility in the southern African nation, the brewer said on Monday. The world’s second-largest brewer plans to start production at the 0.8 million hectoliters capacity plant in the capital Maputo in the first half of 2019, it said in a statement. Advertisement Heineken, which also brews Amstel and ...

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Court challenge to South Africa mining charter postponed to February

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A court hearing for a challenge by South Africa’s mining industry to revisions to a sector charter which include raising levels of black ownership has been postponed to February from December, country’s Chamber of Mines said on Monday. “A judge decided that two days was not enough time and asked for three days, so the matter has been postponed,” said ...

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Two banks drop McKinsey in fallout from South Africa scandal

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Barclays Africa and Standard Bank said on Monday they would stop working with McKinsey, a further blow to the global consultancy as it faces allegations of bribery for work done with friends of South African President Jacob Zuma. Privately-held McKinsey, the world’s largest management consultancy, has denied doing anything illegal but said this month that it was embarrassed by mistakes ...

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South Africa’s NUM union threatens strike in coal sector

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South Africa’s National Union of Mineworkers (NUM) said on Tuesday its coal workers will embark on a strike if the Chamber of Mines does not meet its wage demands. A strike in the coal sector could affect power supply as the lion’s share of electricity in Africa’s most industrialised economy is generated from coal. The mining sector has in the ...

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SA’s Medium-term budget highlights

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In a press conference with media ahead of the release of the Medium Term Budget Policy framework, South Africa’s Finance Minister Malusi Gigaba said it aimed to be as candid as possible about the dire situation South Africa finds itself in. Below are the highlights. Economic outlook is dire 2017 Economic growth revised downwards from 1.3% to 0.7%. Growth expected ...

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