South African competition authorities have given the go-ahead to US retail giant Wal-Mart's $2.4bn bid for local retailer Massmart. It has forced conditions on the bid, such as a ban on sacking employees in the first 2 years. It also asserted that Wal-Mart should have a program for developing domestic suppliers. Wal-Mart's bid for 51 percent of Massmart is seen as a test case for key foreign investment in South Africa.
The World Bank has picked Michael Joseph, the former CEO of telecommunications organization Safaricom, to spearhead expansion of mobile money transfer services in member states.
Oil costs have risen in the United Kingdom and United States after unrelenting unrest in Libya and uncertainties about the effect on the nation's crude exports. In London Brent crude increased by more than $2 a barrel to $108.5, just before falling back to $106.42 a barrel.
Royal Dutch Shell has settled to sell majority of its pledge in nearly all its distribution and retail businesses in Africa to a private equity fund for approximately $1bn (£616m). As part of the deal with Helios and Vitol Investment Partners, the Anglo-Dutch oil giant will keep an interest in 2 new joint ventures so shell lubricants and fuels will still be accessible in 14 African countries under the Shell brand.
Over 7.3 million tourists visited South Africa between January and November last year, says Marthinus van Schalkwyk, the country's minister of tourism. Mr. van Schalkwyk said this on Monday at the opening ceremony of Meetings Africa 2011, Africa's organization tourism lekgotla, in the Sandton Convention Centre, Johannesburg, South Africa.
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