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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 JSE lost significant ground during the morning session on Thursday as investor appetite for risk waned
in tune with the threat of a debt default in Dubai.
At 12:27 the JSE all share index had lost 1.28%, or 352 points, with resources giving back 1.49% after healthy gains this week. The gold index was in the black by 0.33%, but the platinum index was down 0.91%. Industrials lost 1%, while banks and financials were off by 1.13% and 1.40% respectively.
The rand was bid at R7.41 to the dollar, from R7.42 when the JSE closed on Wednesday. Gold was quoted at $1 183.45 a troy ounce from $1 180.50 at the JSE's last close, and platinum was at $1 453.50/oz, from $1 471.00/oz at the bourse's previous close.
A local trader said that the US holiday is keeping volumes down, but there is concern in markets around the world of a debt bubble bursting in Dubai.
According to Dow Jones Newswires the threat of a debt default by Dubai left investor appetite for risk on the wane and the USD recovering some of its recent sharp losses.
Traders have reined in their dollar selling against the euro, sterling, and the Australian and New Zealand dollars overnight, partly because of a fresh bout of investor nerves surrounding the possibility of a debt default by Dubai.
But the local dealer concludes in a more positive frame of mind: "If anything comes out that is positive, then we could see a good upturn on Monday."
Elsewhere, spot gold hit another record in Asian trading on Thursday, at $1 195.50 per troy ounce, extending its gains after strong buying late in the US session, news of more central bank buying of gold and a weaker dollar.
In data this morning South Africa's producer price index (PPI) registered deflation of -3.3% year-on-year (y/y) in October from -3.7% y/y in September, Statistics South Africa (Stats SA) data on Thursday showed.
The PPI decreased 0.1% on a monthly basis after September's monthly decrease of 3.2%.
The PPI was expected to have decreased at 3.1% y/y according
to a survey of 10 leading economists by I-Net Bridge, with
forecasts ranging from -2.8% to -3.7% y/y.
- I-Net Bridge