Amazon’s Jeff Bezos is now the richest person in modern history

Jeff Bezos is the richest person in modern history. The Amazon.com Inc. founder’s net worth broke $150 billion in New York on Monday morning, according to the Bloomberg Billionaires Index. That’s about $55 billion more than Microsoft Corp. co-founder Bill Gates, the world’s second-richest person. Bezos, 54, has now topped Gates in inflation-adjusted terms. The $100 billion mark that Gates hit briefly in 1999 at the height of the dot-com boom would be worth about $149 billion in today’s dollars. That makes the Amazon chief executive officer richer than anyone…

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Reserve Bank expected to keep interest rates on hold

https://www.moneyweb.co.za/wp-content/uploads/2018/07/180716-02.mp3 NOMPU SIZIBA:  This week is D-day in terms of monetary policy. Will the Reserve Bank hold fire on raising rates or will it do the unthinkable? The decision will come against a backdrop where consumers are struggling to make ends meet after a slew of increases from higher taxes through to higher prices, and an economic environment where substantial growth appears elusive. Annabel Bishop gives us a snapshot of the economy and what she thinks will be uppermost on the Reserve Bank’s mind. Good to have you in the…

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DStv on 4K streaming and upgrading satellite-feed resolutions

MultiChoice recently announced that it was working on 4K streaming for its DStv Now app. “We’re continuing to develop DStv Now, with 4K streaming in testing and smart TV and Apple TV apps on their way shortly,” said MultiChoice Chief Operating Officer Mark Rayner. The statement from MultiChoice comes at a time when it is fighting with Netflix and Amazon Prime for market share, and its focus on streaming is intensifying. This has provided excitement for DStv Now users and streaming enthusiast – however, it has also left its satellite TV subscribers…

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Nigeria boost sees IMF lifting Sub-Saharan Africa growth outlook

Sub-Saharan Africa has Nigeria to thank for better economic growth prospects next year. The region’s economy will probably expand 3.8% in 2019, the International Monetary Fund said in its World Economic Outlook update released Monday. That compares with a 3.7% prediction in April. The upgraded forecast “reflects improved prospects for Nigeria’s economy” and an increase in commodity prices. Gross domestic product in Africa’s most-populous nation will probably rise 2.3%, it said, lifting its estimate from 1.9% in April. Nigeria’s economy is recovering from the worst contraction in 25 years in…

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Get the Nokia 8110 and other great deals from Technomobi

Technomobi is offering the newly-launched Nokia 8110 4G for pre-order together with other massive discounts on high-end smartphones. HMD Global recently introduced the Nokia 8110 to the market – which is a re-release of the iconic Nokia phone made famous in The Matrix. While it sports the iconic design of the original feature phone, the device’s software and components are completely reworked. The new Nokia 8110 4G looks much like the original, with its curved protective cover that slides open and closed to pick up and end calls, but runs on…

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HuffPost ends partnership with Media24 in South Africa

Media24 and HuffPost (previously known as The Huffington Post) have announced they will mutually end the South African licence for the publication. HuffPost South Africa was launched in November 2016 under Media24, with the South African media company driving the commercial operations of the partnership. Media24 CEO Esmaré Weideman said that creating advertising revenue through HuffPost SA has been difficult. “We regularly review our portfolio of brands. The HuffPost SA audience numbers are strong and consistently hold steady on the list of top-10 news sites in South Africa,” said Weideman. “Advertising…

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Liquid Telecom building fibre network from Cape Town to Cairo

Liquid Telecom has signed an agreement with Telecom Egypt which will enable it to complete construction of a terrestrial fibre network from Cape Town to Cairo. Liquid Telecom will link its network from Sudan to Telecom Egypt’s network, resulting in a single network between the two cities. “Completing our vision of building a single network running on land, all the way from Cape to Cairo is a historic moment for the company and for a more connected Africa,” said Econet executive chairman Strive Masiyiwa. “We expect to see a lot…

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Asia’s biggest cocoa grower has a chocolate problem. This icy treat may be the answer

Asia’s biggest cocoa grower has a chocolate problem. Cocoa production in the 130-year old industry in Indonesia is set to shrink for the third straight year as farmers switch to other crops and annual per capita consumption of chocolate languishes at just 11 ounces (300 grams) – half the rate of neighbouring Malaysia, according to Euromonitor International. That might just be about to change, though, thanks to a Millennial re-imagining of the chocolate-malt drink Milo – one of the region’s favourite treats – into Es Kepal Milo, which translates as…

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Joburg stocks are taking a knock as the rand strengthens

It’s been a tough month for South Africa stocks. The rand’s gain has sent traders spilling out of shares of companies that generate dollar earnings, which make up almost a third of the benchmark FTSE/JSE Africa All-Share Index. In addition, foreign investors have cut holdings of South African equities amid a sell-off of emerging-market assets triggered by rising US Treasury rates and escalating trade tensions between Washington and Beijing. “Rand-hedges are under some pressure now,” said Peter Takaendesa, a portfolio manager at Cape Town-based Mergence Investment Managers. “South African shares…

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Johannesburg stocks are taking a knock as the rand strengthens

It’s been a tough month for South Africa stocks. The rand’s gain has sent traders spilling out of shares of companies that generate dollar earnings, which make up almost a third of the benchmark FTSE/JSE Africa All-Share Index. In addition, foreign investors have cut holdings of South African equities amid a sell-off of emerging-market assets triggered by rising US Treasury rates and escalating trade tensions between Washington and Beijing. “Rand-hedges are under some pressure now,” said Peter Takaendesa, a portfolio manager at Cape Town-based Mergence Investment Managers. “South African shares…

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