05282016Sat
Last update: Sat, 28 May 2016 09am

Middle East & Africa

Markets - FXMM - Middle East & Africa

South Africa's rand turns weaker after S&P warns of pressure on credit rating JOHANNESBURG: South Africa's rand relinquished earlier gains against the dollar on Wednesday, turning weaker after Standard & Poor's said low economic growth remained a pressure point on its credit rating. Ratings agencies have warned of possible downgrades for Africa's most advanced economy, which has struggled to expand significantly since a 2009 recession. Investors have also been worried about Pretoria's commitment to fiscal prudence after President Jacob Zuma suddenly fired two finance ministers in December. On Wednesday, the rand slumped as much as 1 percent on the day to 15.2800 versus the greenback, after S&P said recent political upheavals in South Africa posed a risk to its sovereign rating.The rand has lost significant ground since rallying to 14.6050/dollar on Friday as investors cheered a court ruling that Zuma breached the constitution by ignoring a directive to pay for some of the state-funded upgrades to his home. Zuma on Tuesday survived an ...

Markets - FXMM - Middle East & Africa

South African rand weakens after S&P hints at pressure on credit rating JOHANNESBURG: South Africa's rand relinquished earlier gains against the dollar on Wednesday, turning weaker after Standard & Poor's said weak economic growth remained a pressure point on its credit rating. The rand fell to a session low of 15.2800 against the greenback, down 1.1 percent from Tuesday's New York close of 15.1050.Copyright Reuters, 2016 ...

Markets - FXMM - Middle East & Africa

Uganda shilling stable, pressure seen from rate cut  KAMPALA: The Ugandan shilling was unchanged on Tuesday although traders expected some depreciation due increased dollar demand after the central bank cut its key lending rate by a percentage point to 16 percent.At 0924 GMT commercial banks quoted the shilling at 3,360/3,370, unchanged from Monday."The shilling is likely to react by weakening. The action is plenty to signal that the authorities still have eyes on growth," Stephen Kaboyo, managing director of Alpha Capital Partners, said.Copyright ...

Markets - FXMM - Middle East & Africa

South African rand weakens on growth fears, political risk JOHANNESBURG: South Africa's rand weakened on Tuesday as a wave of global risk aversion nudged emerging markets lower, while weak local manufacturing data and political uncertainty added to the pressure on the currency.President Jacob Zuma on Tuesday faced a vote in parliament to remove him from office for breaching the constitution, following his failure to repay some of the $16 million spent on his private Nkandla home.Zuma has the backing of the African National Congress ...

Markets - FXMM - Middle East & Africa

South African rand vulnerable to local politics, stocks rise JOHANNESBURG: South Africa's rand weakened against the dollar on Monday and remained vulnerable to domestic political uncertainty as President Jacob Zuma faced calls to resign after a court ruling last week that he failed to uphold the constitution. Stocks rose as investors bought high yielding assets after Friday's US strong jobs data suggested that the Federal Reserve could, for now, hold back on raising interest rates. At 1555 GMT, the rand was trading at 14.7350 ...

Markets - FXMM - Middle East & Africa

Stocks shrug off oil tumble, rand pressured by Zuma crisis LONDON: South Africa's rand showed pressure from the crisis surrounding President Jacob Zuma on Monday, as other emerging markets largely shrugged off a relapse in oil prices with a little help from a weak dollar.The rand weakened 0.65 percent and the price of a 10-year benchmark government bond slipped ahead of Tuesday's planned parliamentary debate in South Africa on a motion to impeach Zuma.The currency had rallied on Friday on speculation that Zuma might quit ...

Markets - FXMM - Middle East & Africa

South Africa's rand vulnerable to political, economic uncertainty JOHANNESBURG: South Africa's rand was weaker against the dollar in early Monday trade, despite broad-based greenback losses abroad, partly due to worries about the country's cloudy domestic political and economic outlook.Stocks opened flat at 0700 GMT, with the JSE securities exchange's Top-40 index barely changed from Friday's close.At 0705 GMT, the rand was down 0.5 percent at 14.7670 to the dollar from where it closed in New York on Friday.The currency had climbed to 14.6050 ...