Elizabeth Pabon

South Africa's tepid growth in recent years has been propelled by the financial sector and consumer spending, the central bank said Monday, as the traditionally strong mining and manufacturing sectors have slumped.

Freeport McMoran Copper & Gold Inc. (FCX) has agreed to the Indonesian government's request that it sell a stake in its Indonesian unit via an initial public offering on the local stock market, a senior Indonesian economic minister said Monday.

Singapore beverage company Fraser & Neave Ltd. (F99.SG) has appointed Goldman Sachs Group Inc. to advise it on Heineken NV's (HEIA.AE) 5.1 billion Singapore dollar (US$4.06 billion) offer to buy Fraser & Neave's stake in Asia Pacific Breweries Ltd. (A46.SG), a person familiar with the situation

Nokia Corp. (NOK) is considering ripping up its traditional mass marketing strategy when it unveils its new Windows 8 smartphone in the autumn, in an attempt to recreate the excitement around Apple Inc.'s (AAPL) exclusive launch of the original iPhone in 2007, the Financial Times reports Monday.

Russian oil giant OAO Rosneft (ROSN.RS) said Monday it had signed an agreement with Italy's Eni SpA (E) to finance exploration at three offshore fields, advancing a cooperation deal signed in April.

Russian gold producer Nordgold NV (NORD.LN) said Monday it has entered a lock-up agreement with "a significant minority shareholder" of High River Gold Mines Ltd. (HRG.T) as it tries to buy out the remaining shares in the mining company it doesn't already own.

Dutch electronics major Royal Philips Electronics (PHIA.AE) posted a profit Monday as sales of all units picked up and a swingeing round of cost-cutting late last year started to take effect.

Julius Baer Group AG (BAER.VX) Monday said it entered a strategic partnership with Bank of China Ltd. (3988.HK) to mutually cross-refer clients, allowing the Swiss wealth management firm to gain access to one of the world's fastest growing markets when many countries closer to home are reeling from

Worries over Spain and Greece pushed European stocks sharply lower on Monday, led by steep declines for banks.

Hutchison Telecommunications Australia Ltd. (HTA.AU), the half owner of Australia's third largest telecommunications carrier Vodafone Hutchison Australia, said Monday it booked a 131.3 million Australian dollar (US$135.5 million) loss for the first half of 2012.