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South Africa's Competition Tribunal approved Thursday the blockbuster buyout of SABMiller by the world's top brewer AB InBev, subject to conditions, paving the way towards completion of the huge deal. Conditions include the sale of SABMiller's stake in Distell Group, as South Africa's regulator moved to protect competition and prevent job losses in the country's struggling economy. AB InBev's acquisition of the London-based SABMiller was valued at $121-billion when it was announced in November and in line to be the third largest in history if it clears all regulatory hurdles.
Authoritarian firebrand Rodrigo Duterte warned of a "rough ride" after being sworn in as the Philippines' president on Thursday, promising a relentless war on crime and corruption but also to be a unifying leader. After taking his oath before a small audience inside the Malacanang presidential palace, ending the era of Benigno Aquino, Duterte signalled there would indeed be some dark days during his six years in office. "The ride will be rough but come join me just the same," Duterte said in a short speech, with his opening remarks focused on familiar themes about the need to instil discipline in a graft-infested society.