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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.
New York - Wall Street shares recouped heavy losses from an opening plunge on Friday in highly volatile action amid a worldwide stock meltdown
The Dow Jones Industrial Average, following seven brutal losing sessions, fell briefly below 8 000 points at the open, or nearly 700 points, before a sharp rebound.
At 16:11, the blue-chip index was up 21.42 points (0.25%) at 8 600.16, following a plunge of 7.3% on Thursday. Other indexes also pared heavy opening losses.
The Nasdaq was up 8.87 points (0.54%) to R1 653.99 and the Standard & Poor's 500 index rose 1.06 points (0.12%) to 910.98.
The initial losses came as Japan's Nikkei plunged 9.6% and major European bourses slid as much as 10% amid heightened worries about a seizing up of the global financial system.
Market action came as world finance chiefs were preparing an emergency meeting in Washington. Interest rate cuts and billions of dollars' worth of cash injections by central banks failed to calm the mayhem.
"The crisis is now self-reinforcing and shows no signs of abating," said Chris Lafakis at Economy.com.
- Sapa-AFP