South Africa News
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The yen rallied the most in a year against the dollar as speculation the U.S. Federal Reserve will reduce stimulus that has boosted global markets spurred declines in riskier assets that may have risen too far, too fast.
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The dollar erased losses against the euro, trimming a weekly decline, as a higher-than-forecast increase in orders for U.S. durable goods added to speculation the Federal Reserve may slow monetary stimulus this year.
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The Australian dollar may fall to its lowest level in more than 19 months if it continues a weakening trend and breaches a key support level, according to Credit Suisse AG, citing technical indicators.
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South African white-corn futures rose to the highest level in three weeks a day after the country lowered the forecast for production of the grain this season.
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First National Bank, the retail- banking unit of FirstRand Ltd., said it wants to find a black executive to replace Jacques Celliers when he steps down as head of business banking at the end of this year.
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The combined carrying capacity of oil tankers calling at Saudi Arabia’s Ras Tanura fell 7.4 percent in the week ended May 18, vessel-tracking data compiled by Bloomberg show.
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South Africa’s ruling African National Congress has criticized a union that has won members from a labor organization allied to the ANC that used to be the country’s biggest.
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Technology companies have found a lot to love about Africa. The continent is home to fast-growing economies with underdeveloped infrastructure begging for a high-tech makeover.
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The rand weakened, extending its third week of declines, on concern labor unrest will curb growth in Africa’s largest economy.
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Tongaat Hulett Ltd., South Africa’s second-largest sugar producer by market value, reported full- year profit that missed analyst estimates as earnings growth slowed amid a decline in world sugar prices.
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