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Harvard students learn from McKinsey scandal in South Africa
An ill-fated deal struck by global consultancy McKinsey in South Africa has been used by Harvard Business School as a case study for students. McKinsey had a local management consultancy, Trillian, as a partner when working on a big contract to advise South African state utility Eskom. Trillian was controlled at the time by friends of Jacob Zuma, who was then South Africa's president.
GM offers $2.8 bln investment in S.Korea over 10 yrs - S.Korea official
General Motors(GM) has proposed $2.8 billion fresh investment in South Korea over the 10 years as part of its plan to restructure its embattled Korean unit, a South Korean senior government official said. The official with direct knowledge of the matter added the U.S. carmaker had requested South Korea to inject funds into GM Korea in which the country's state bank also holds a stake.
North Korea canceled secret meeting with Pence: reports
Vice President Mike Pence was set to secretly meet with North Korean officials during his recent trip to the Winter Olympics in South Korea, but the North Koreans pulled out of the meeting at the last minute, according to reports Tuesday. The Washington Post reported Pence's meeting with Kim Yo Jong, the sister of North Korean leader Kim Jong Un, and premier Kim Yong Nam was canceled about two hours before it was scheduled to start. "We regret their failure to seize this opportunity," State Department spokeswoman Heather Nauert said Tuesday, according to the Associated Press. Both the Post and AP said the North Koreans ditched the meeting over Pence's hard-line stance, as well as displeasure over recent new sanctions.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
South African President Zuma succumbs to pressure, resigns
South African police have raided the residential compound of a business family suspected of using its ties to President Jacob Zuma to influence Cabinet appointments and land state contracts.
BRIEF-South State Bank Announces $2.7 Million Employee Bonus
* SOUTH STATE BANK ANNOUNCES $2.7 MILLION EMPLOYEE BONUS
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BRIEF-South State Corp Reports Q4 Earnings Per Share $0.08
South State Corp(SSB): * ORATION REPORTS 2017 RESULTS AND QUARTERLY CASH DIVIDEND. * Q4 EARNINGS PER SHARE $0.08. * Q4 EARNINGS PER SHARE VIEW $1.21 -- THOMSON REUTERS I/B/E/S. * QTRLY ADJUSTED DILUTED EPS $1.30. * QTRLY NET INTEREST INCOME $112.3 MILLION VERSUS $80.6 MILLION Source text for Eikon: Further company coverage:
South African court authorizes freezing of $130 million in McKinsey case: source
A South African court has authorized the freezing of 1.6 billion rand in assets earned by global consultancy McKinsey and a firm linked to friends of President Jacob Zuma, a source at the state prosecutors' office told Reuters.
BP, Shell, Goldman express interest in filling Indian oil stockpile - govt report
* BP, Royal Dutch Shell (RDS/A), Goldman Sachs, Trafigura, Mangalore Refinery and Petrochemicals and Hindustan Petroleum Corp. have expressed interest in filling India's strategic oil reserve at Padur in the southern Karnataka state - government report.
Toyota and Mazda pick Alabama for $1.6bn US investment - reports
Toyota and Mazda choose the Southern US state for their new $1.6bn plan, according to reports.
U.S. hails Korea talks, despite North's rejection of denuclearisation
* North says nuclear weapons aimed only at the United States. * Pyongyang makes 'strong complaint' when denuclearisation raised. * North to send large delegation to Winter Olympics in South Korea. * Talks 'positive development' -U.S. State Department. By Christine Kim and David Brunnstrom.
Pennsylvania shuts down construction on Sunoco gas pipeline
Pennsylvania environmental officials have ordered Sunoco to halt construction of a natural gas pipeline across the southern part of the state, citing a series of spills and other "egregious and willful violations" of state law.
Mexichem says will not rebuild plant damaged in explosion
Mexican chemicals company Mexichem said on Wednesday that it would not rebuild a petrochemical plant in southeastern Mexico that was badly damaged in a deadly explosion last year. The vinyl petrochemical plant in the Gulf coast state of Veracruz was a joint venture between state oil firm Pemex's petrochemical unit and majority owner Mexichem.
UPDATE 1-South African rand rises after Zuma court ruling; Steinhoff slides
JOHANNESBURG, Dec 8 (Reuters) - South Africa's rand
strengthened on Friday after a court ruled that President Jacob
Zuma's appointment of a state prosecutor to decide whether to
reinstate corruption charges against him was not valid, while
shares in Steinhoff plunged further.
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