South Africasrand firmed, Friday, after a surprise interest rate cut of 50 basis points inthe repo rate, to 6.5%, the day before. Reserve Bank governor, Gill Marcus,said rand strength could harm economic growth and fairly high rates attractinflows, supporting the currency. Compared to rates elsewhere, the countrysrates are still high and a euro rebound helped support the rand, as did afirmer gold price. Government bonds rode higher, Reuters reported, with yieldsfalling to near one-year lows as investors acknowledged probable lowerinflation and a central bank more concerned with growth prospects and carrytrade on the rand.
South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more
South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more
Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more