Clover Industries. Photo: Simphiwe Mbokazi/African News Agency (ANA)

CAPE TOWN - Good morning. This is all the latest business news that you need to know today.

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Trade and Industry Minister Rob Davies has appointed new members to the BRICS (Brazil, Russia, India, China and South Africa) Business Council following nominations from Business Unity South Africa and the Black Business Council.

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Clover  Industries said yesterday that the firm intention by Milco to acquire the entire issued share capital of the branded consumer goods and beverages group for R4.8billion would be decided by its shareholders at the end of the month.

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 At the close of local trade, the rand quoted 0.6 percent stronger at R14.13/$, after trading in range of R14.12/$ - R14.22/$. 

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Nedbank, which concluded its managed separation from Old Mutual in October last year, reported that for the year to end December its total assets exceeding R1trillion for the first time despite a subdued economy, which in the period was in a technical recession.

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South Africa’s economy moderated to 1.4 percent quarter-on-quarter in the fourth quarter from 2.6 percent recorded in the previous quarter, with economists expecting better growth ahead.

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The price ceiling for a Cape Town City Bowl apartment has just lifted to a record price of R22.5 million for a luxury penthouse in Higgovale sold by Madelein Armstrong, an agent with Seeff. 

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Facebook is reportedly planning to create a cryptocurrency coin for WhatsApp.

BUSINESS REPORT ONLINE