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Feb 10 2012 18:19
The rand tumbled against the dollar in late afternoon trade as the local currency tracked a jittery euro.
Feb 10 2012 17:28
President Jacob Zuma will make an announcement "of national importance" on Saturday, says a central bank statement.
Feb 10 2012 14:37
A weak euro has dragged down the rand, causing it to extend losses against the dollar as the eurozone debt crisis affected investor sentiment.
Johannesburg - The United States government's review of Eskom's proposal for a
loan from the World Bank was "in process", the US Embassy in
Pretoria said on Friday.
Earlier, at a media briefing, South Africa's Public Enterprises
Minister Barbara Hogan indicated that the US would abstain from
voting on the $3.75bn loan.
If awarded, most of the loan will go towards funding the
coal-fired Medupi power station in Limpopo.
It has been opposed by environmental rights groups, who favour
low-carbon economies.
"The Americans are under more pressure and they have indicated
to us they're not going to vote against, but they'll abstain from
voting.
"They're under particular pressures from their own lobbies,"
Hogan said.
In a terse statement, the US Embassy said the US Treasury was
leading the US government's review of the Eskom proposal currently
before the World Bank "and the development of a position that is
consistent with administration policy and with the facts
surrounding the project".
It said the US government had heard from several civil society
groups, in both South Africa and Washington, which had raised
concerns about the project.
It had also heard from Eskom and South African government
representatives, who had argued its merits.
"The Eskom loan proposal will go before the World Bank's board
of executive directors - where the US is one of 24 members," the
embassy said.
- Sapa