Another repo rate cut
Yesterday’s repo rate cut is the fourth this year. Following the global economic recession, the decision by the SA Reserve Bank’s Monetary Policy Committee to cut the repo rate by 100 basis points to 7,5 percent will hopefully bring relief to the majority of the poor. Home owners might also be happy to know that the prime and mortgage rates are down to 11 percent. Although Tito Mboweni is forecasting high inflation and says this might be the last cut for a while, we should still remain positive and enjoy it while we can!
Reference: Independent Online
SA wines win attention abroad
Graham Beck Brut NV, the sparkling wine sipped by Nelson Mandela at his inauguration as South Africa’s first black president, is now Obama’s new favourite. In a recent column New York Times wine critic Eric Asimov expressed his excitement: “Forgive me if I’m excited, but I can’t help it. I want to tell you straight out that South Africa, of all places, is one of the greatest sources for moderately priced cabernet sauvignon on the planet today.” South Africa’s wine industry is an impressive 350 years old, which is something to celebrate indeed.
Reference: Mail & Guardian
Lions open sport pitch in Joburg
The Lions opened a brand new sports pitch in the heart of the Orange Farm township in Joburg yesterday. The pitch built at Masibambane College, supported by Education Africa, includes some turf from Ellis Park. British and Irish Lions players played a game of rugby with the school’s students and planted a few trees around the pitch. “Spending time in the community is an integral part of any Lions Tour, and the players have really enjoyed spending time with the children here today,” said Lions Tour Manager Gerald Davis.
Reference: SA Good News
Exciting times for Google South Africa
Stephen Newton, former Google head of analytics and commerce for Europe, Middle East and Africa (EMEA), is the new head of SA Google. Bringing extensive online experience with him, Newton aims to “increase the flow of information in SA by getting businesses online and helping South Africans benefit from Google’s free online services”. “It’s an exciting time here, with the 2010 World Cup just around the corner,” he said. “South Africa is the continent’s Internet and e-commerce hub, and the coming years promise significant growth for small businesses wanting to benefit from increased connectivity.
Reference: News 24