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/ 2 June 2008

Naspers to auction off MWeb

Multinational media company Naspers announced on Monday that, following approaches for the sale of its internet service provider business MWeb, it is initiating an auction process. MWeb is one of the largest residential internet service providers in South Africa and also owns the largest VSAT corporate internet base in sub-Saharan Africa.

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/ 18 April 2008

Citigroup posts $5,11-billion first-quarter loss

Citigroup, the largest United States bank, on Friday posted its second straight quarterly loss, hurt by more than -billion in write-downs and increased reserves for credit losses. The loss totalled ,11-billion, or ,02 per share, and compared with a year-earlier profit of ,01-billion, or ,01 per share. Revenue fell 48% to ,22-billion.

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/ 14 April 2008

World stocks dampened by dim earnings

Asian stocks tumbled on Monday followed by losses across European and United States markets on concern over company earnings and increasing gloom about prospects for the global economy, analysts said. Wall Street stocks opened lower as Wachovia bank, one of America’s largest retail banking groups, announced a net loss of $350-million.

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/ 26 March 2008

More than 20 000 Wall Street jobs at risk

More than 20 000 people are forecast to lose their jobs on Wall Street as the credit crunch bites into business at financial institutions over the next two years. New York’s Independent Budget Office, a non-partisan agency which scrutinises the city’s finances, estimates that profits on Wall Street fell by 80% during 2007 to ,2-billion — the lowest level since 1994.

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/ 15 March 2008

Credit-crunch woes claim fifth-biggest US bank

The global credit crunch claimed its biggest victim yet on Friday when the United States Federal Reserve orchestrated an emergency bail-out for Bear Stearns after a cash crisis prompted a run on the US’s fifth-biggest investment bank. President George Bush sought to calm fears of a deep recession in the world’s biggest economy.

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/ 10 March 2008

Oil hits record $107 a barrel

Oil hit a record high of a barrel on Monday, reversing earlier losses as investors sought oil as a hedge against a depressed dollar and inflation. A rush by financial funds into commodities and political tensions are the prime drivers of a rally that has lifted oil’s average to above for the year.