south africa

4 Surprising Nations That Minted 6 New Forbes Billionaires

When the next Forbes billionaires list is released, 32 new names will be on it. And while most hail from the sort of countries you'd expect -- the United States, China, EU nations -- a half dozen made their fortunes in more surprising places.

Wal-Mart Gets Go-Ahead in South Africa

Wal-Mart, the world's biggest retailer, can go ahead with its 17 billion rand ($2.2 billion) purchase of a controlling share of a South African chain, a South African regulatory appeals body said Friday. The Competition Appeal Court upheld a ruling last year by the Competition Tribunal, the government agency charged with promoting competition and protecting consumers.

Baseball Makes a Mighty Pitch in China and Africa

Major League Baseball's worldwide spread is facing slow going in China and Africa. But America's favorite pastime is working hard to find friends in both areas, starting with footholds in Taiwan and South Africa. MLB is clearly keeping its eye on the ball overseas.

Walmart Bids for 51% Stake in South African Retailer

Walmart made an offer for 51% of the shares in South African retailer Massmart Holdings for 148 rand per share ($20.75) per share. The offer represents a 19.2% premium over the 30-day weighted average price on Sept. 23, Wal-Mart staid in a statement. Sept. 23 was the final trading day before Wal-Mart announced its indicative offer.

G-20 Leaders Criticize Fed's $600 Billion QE2 Stimulus

The U.S. finds itself on the wrong side of the currency manipulation argument this week, as many G20 countries criticize the Fed's $600 billion bond buying plan, which could further devalue the dollar. World leaders say the move breaks the vow of unity made during the last G-20 summit.

Walmart Considers Scaling Back Massmart Plans

Wal-Mart Stores (WMT) may change its plans to buy South African retailer Massmart, choosing instead to take a majority stake in the company. This would allow Massmart to maintain its listing on the Johannesburg Stock Exchange, The Wall Street Journal reported.

Wal-Mart Plans $4.6 Billion Move for South Africa's Massmart

Wal-Mart Stores (WMT) is planning a $4.6 billion offer of about $4.6 billion for South African retailer Massmart. The deal would value Massmart at 148 rand ($21.10) a share, Bloomberg News said. That%u2019s 9.8% higher than the company%u2019s last closing price.

Unilever to Buy Alberto Culver for $3.7 Billion

Unilever (UL) agreed to buy beauty care company Alberto Culver Company for $3.7 billion in cash. The deal will make Unilever the world%u2019s leading company in hair conditioning, the second largest in shampoo and the third largest in hair styling, Unilever said in a statement. Alberto Culver had sales of about $1.6 billion for the 12 months ending June 30.

HSBC in Talks to Buy Controlling Stake in South Africa's Nedbank

British bank HSBC (HBC) is in talks to buy a controlling stake in Nedbank, South Africa%u2019s fourth-largest bank. HSBC is in talks with insurer Old Mutual, which currently owns the stake, BBC News reported. HSBC is aiming to acquire as much as 70% of Nedbank in a deal worth as much as 49.9 billion rand ($6.8 billion).

YouTube gets vuvuzela button

Earlier today, YouTube added a vuvuzela button to some videos. Users can locate a little soccer ball icon next to the 360p video-enhancing button....

A Cheap Way to Bet on Web Hotshot TenCent

Chinese Internet giant TenCent is one of the largest pure-play Internet companies in the world, and its shares are a hot ticket among investors. But few realize that there is a stealthy and cheap way to invest in TenCent at a major discount: Buy South African media giant Naspers.

Vuvuzela Maker's Sound Strategy

It's called the vuvuzela (pronounced vu-vu-ZEL-uh) and it has swarmed into the spotlight of the 2010 FIFA World Cup. The tournament kicked off a few days ago, introducing the world to a plastic horn capable of reaching 127 decibels.

Why Hosting World Cup Is a Losing Bet for South Africa

South Africa has some lofty expectations about the economic boost the World Cup will bring to its economy. Economists are skeptical that the soccer tournament will live up to those expectations and history shows that it most likely will not.

Walmart stocks up for the World Cup

If you're planning to celebrate the 2010 FIFA World Cup in front of your television, you're going to need some food and decorations, and Walmart is...