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Business Briefcase

by October 20, 2016 General

SA central bank governor says bar set high for future rate cuts

JOHANNESBURG – South Africa’s central bank has set the bar very high for ending a policy tightening cycle that has seen it raise lending rates by 200 basis points since early 2014, governor Lesetja Kganyago said yesterday.

The bank sees consumer inflation, currently at 6,1%, averaging 6,4% in 2016, outside of its target range of 3-6%.

Oil prices dip

SINGAPORE – Oil prices dipped yesterday on profit taking after markets rallied the previous day due to a draw in US stocks, and an expectation of an Opec-led cut in production.

US West Texas Intermediate (WTI) crude oil futures were trading at US$51,38 per barrel in early trading, down 22 cents from their last close. International Brent crude futures were trading at US$52,56 per barrel, down 11 cents.

Myanmar giant jade ‘too big to move’

YANGON – A 174-tonne piece of jade worth millions of dollars which was uncovered in Myanmar will have to stay where it is for now, because its owners don’t have equipment strong enough to move it.

The 5,8 metre-long stone was discovered by miners in northern Kachin state last week, buried up to 60 metres deep inside a mountain. Some have estimated the rock could be worth more than US$170 million, but owners said its value was probably closer to US$5,4 million.