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May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
May 28 2012 07:53
The City of Cape Town has spent R175m running the Myciti bus service since the Soccer World Cup compared to an income of R35m, a report says.
Johannesburg - Rates could come down sooner rather than later, Sasfin market commentator David Shapiro speculated on Wednesday.
This, particularly in a strong capital development phase in which a lot of projects needed cash, he said.
If there was not enough cash available, South African Reserve Bank Governor Tito Mboweni would have to kick-start the process by reducing interest rates, Shapiro said. However, he anticipated rates coming down globally and said South Africa would be following the trend. He believed that even if the US approved a package to rescue its banks, the market was "in for quite a rough time".
"Generally, our markets are doing okay," Shapiro said, but added that although strong, resources were still a bit disappointing and seemed to have gone off the boil for the meantime.
After a good recovery on Tuesday, a little bit of the edge was coming off now. Markets appeared to be waiting for Friday when, apart from the US decision, there would also be a jobs report. They were also waiting to see how the global crisis had affected corporate results and the real economy - where goods and services are exchanged, as opposed to the financial economy.
South African markets tumbled on Monday on news that the US House of Representatives had rejected an initial bid to bail out banks by buying up their worthless assets.
After an initial solid start, the JSE turned negative following a weak start on Wall Street. At 16:10, the all-share index was down almost a percent.
- Sapa