Economy

Standard Bank has reduced its cost base

Standard Bank has reduced its cost base

The largest bank in terms of assets, of the African Continent, Standard Bank has received inquiries from its twenty percent share holders regarding the revenue pressure which the bank is facing at present. On Friday these facts were given by Sim Tshabalala, the South African unit chief executive of Industrial and Commercial Bank of China (ICBC).

Tshabalala further stated ICBC didn't put any pressure on the bank to conduct any retrenchment.

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Foreign currency bond sales won’t happen this year as the plan got dismissed by South African Treasury

The South African Treasury has dismissed the plans of issuing foreign currency bonds in this financial year. On top of that the South African government has reduced its estimates for financial year 2011-12 by fifty percent as the budget deficit has reduced. The government is also seeking depreciation of its currency, rand.

In the medium-term budget that was released in Cape Town today, the National treasury stated that South African government won’t raise money overseas in this year.

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With dollar strengthening and crude stockpile rising Oil stocks decline

Stocks saw a fall today for the first time after gaining for four days in a row as investors demand for raw material lessened with the apporeciation of dollar and traders pointed out that the stockpiles of oil in the US are rising.

Oil futures fell in the tune of zero decimal six percent as dollar got appreciated versus almost all the currencies except one out of sixteen most traded currencies.

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DA supports Cosatu in efforts to reduce interest rates

Cosatu is getting the support of DA which just before the announcement of the mid-term budget policy statement that would be happening tomorrow has joined the movement for bringing down the interest rates. If this is done then the rand the country’s currency will be devaluated.

Dion George, finance spokesperson of DA, before the statement made by the finance minister of DA, Mr. Pravin Gordhan said that if the interest rates are lowered then it will have a positive impact on the country’s currency, rand. Actually he meant the value of rand will be weakened.

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