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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 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.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - The rand was little changed on Tuesday, stable within its recent ranges and eyeing the euro for direction.
At 11:35 the rand was bid at R7.3852 to the dollar from R7.3980 at its previous close. It was bid at R10.1200 to the euro from its previous close of R10.1165 and was at R11.1459 against the sterling from R11.1302.
The euro was bid at $1.3682 from $1.3673 previously.
A local trader said he expected the rand to trade in a R7.37 to R7.45 range today. With not much going on, the local currency would continue to watch the euro.
With very little fresh news to give impetus, both the rand and the euro are little changed. The euro is off its highs of Monday of around $1.3750 and all eyes are now on the US Federal Reserve and its comments on interest rates.
Dow Jones Newswires reported major currency movements are expected to be curbed by speculation that the Bank of Japan might ease its monetary policy even further and the US Federal Reserve will signal a shift towards exiting its easy monetary stance. Both central banks will complete their recent policy
meetings over the course of Wednesday.
Investors will be watching for any clues on the future path of Fed policy in the statement following the rate decision. The Fed is widely expected to leave rates unchanged near zero.
The euro is under pressure ahead of a meeting of European Union finance ministers on Tuesday that could provide more clarity about a bailout package for Greece, should Athens find itself unable to meet its debt obligations, the newswires reported.
- I-Net Bridge