Money News – In Brief

Mergers, Acquisitions and Financial Results

- Standard Chartered Bank in partnership with Zamtel has rolled out the mobile banking service to enable its customers on the network to transact using their mobile phones from anywhere in the world.

- The International Monetary Fund’s (IMF) assistant director Abebe Selassie told parliament’s finance committee yesterday (16 November) that South Africa’s fiscal predicament is partly a cause of economic shocks, but that it is aggravated by an inefficiency in the country’s labour and product markets. Selassie said that the country could and should act to remove product market barriers and create a more competitive market, particularly in the telecommunications industry. “You have a few companies dominating in many cases large sectors of the economy, so competition is limited,” he said.