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May 24 2012 17:31
The Reserve Bank will maintain current interest rates, and a considerable reduction in the local petrol price is anticipated, says governor Gill Marcus.
May 24 2012 15:29
The Reserve Bank will maintain current interest rates, says governor Gill Marcus.
May 24 2012 12:00
Britain fell deeper into recession than initially thought in the first quarter of 2012, upping chances that the central bank could inject more stimulus into the economy.
Cape Town - South African ministers have approved their hardest line to date resisting a climate change clampdown on carbon emissions. An announcement from cabinet issued on Thursday said explicitly: "We are not ready to agree to any targets that would undermine out growth trajectory."
The ministers acknowledged that even though Africa has contributed 'minutely' to overall global emissions, South Africa has a poor record, because of its heavy reliance on coal-fired electricity generation combined with its relatively small population.
But according to the cabinet spokesman, Themba Maseko, "it is not going to be possible for us to reduce emissions in the near future".
Maseko insisted: "Developed nations have a much greater
responsibility. They have contributed to emissions for longer than any of the developing nations. They have reached a level of growth that can enable them to contribute to reduction. Whereas developing nations such as ourselves have quite a long way to go in terms of growing our economy and reaching our millennium growth targets."
Maseko said that South Africa will contribute to carbon emission reduction by working on scientific research to find alternative energy sources.
The next round of negotiations on the UN framework convention on climate change is due to take place in Copenhagen in December of this year.
- I-Net Bridge