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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.
Johannesburg - Vehicle makers Volkswagen SA, Ford Southern African and Mercedes-Benz SA will lose a full day's production on Wednesday due to the Cosatu-led one-day stay away, they
said on Wednesday.
"The factory is not operating today on a no work, no pay basis," said Bill Stephens, spokesperson for the Port Elizabeth-based VW SA, adding that the company, which produces between 300 and 400 vehicles a day, would lose one day's full production.
Rella Bernardes, Ford SA's spokesperson, said the company factories in the Eastern Cape, where it produces engines, had been closed.
On average Ford SA produces around 540 vehicles day, both for the domestic and exports markets at its Pretoria plant and a further 600 engines at its Port Elizabeth plant, according to Bernardes.
"Production for Wednesday, July 23, is suspended and will be resumed at normal times on Thursday, July 24," said Annelise van der Laan, Mercedes-Benz SA's spokesperson in a statement.
The company's production losses will be around 220 units, according to Van der Laan.
Cosatu, which boasts 1.8m paid up members across the country, is on strike in Gauteng, Limpopo, the Eastern Cape and North West provinces, with reports saying essential services have shut down or have been partly affected. Today's strike is a follow up on protests in the Free State, Northern Cape and Mpumalanga last week, in the lead-up a national strike on
August 6.
- I-Net Bridge