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Feb 13 2012 12:15
Miner Xstrata says it has brought forward maintenance on two furnaces to assist Eskom to save power.
Feb 13 2012 10:43
Although jobs were created, the economy is still 420 000 jobs short of the peak employment level before the 2009 global financial crisis, says Adcorp.
Feb 13 2012 07:58
Greek lawmakers have approved a new round of drastic austerity measures after a long day of street battles between police and protesters left dozens injured.
Johannesburg - The Reserve Bank's cut in the repo rate will help the property market, realtor Re/Max of Southern Africa said on Thursday.
"The interest rate cut will contribute to the restoration of consumer confidence, and as a result, we expect an increase in property sales," said regional director Peter Gilmour in a statement.
Thursday's rate cut marked the beginning of the interest rate reduction trend, and the end of the interest rate increases which began in 2006.
House price growth would initially remain under pressure and could still dip in nominal terms in the first two quarters of 2009, but would increase gradually.
"Affordability issues around financing homes still remains important, and rental properties will continue to be in high demand... Therefore, the current market is attractive and lucrative for buy-to-let investors, who will be able to negotiate prices down."
Reserve Bank governor Tito Mboweni on Thursday announced that the country's repo rate, the rate at which the Reserve Bank lent money to commercial banks, had been cut by 50 basis points - or half a percentage point - following the meeting of the bank's monetary policy committee.
The repo rate - effective from December 12 - now stood at 11.5 percent. The prime lending rate was 15 percent.
- Sapa
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