From zero to hero – the South African rand has gone from one of the world’s worst-performing emerging markets currencies to almost the best, all in the space of a couple of months.
Last week the rand dropped below 12 to the dollar, a level last reached in 2015, Bloomberg data shows. The narrow victory of Cyril Ramaphosa, who was chosen to be the ruling African National Congress presidential candidate in the 2019 elections is largely behind the almost 20 per cent gain in the currency since December.
“The perception has been South Africa was crippled by poor policy decisions coming out of government,” said Zaakirah Ismail, a fixed income analyst at Standard Bank Group. “The changes brought in during the elective conference signalled a turn in the right direction.”
Ms Ismail says the change in leadership lessened the risk of a ratings downgrade, another factor hanging over the currency. Mr Ramaphosa’s swift moves to end the chaotic management at crucial state enterprises such as the country’s near-bankrupt electricity provider Eskom have also helped.
“So far [since December] the ANC has lived up to expectations.”
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Read more:
ANC defeat for Zuma hopefully marks postive change for South Africa
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The rand has long been a favourite of currency speculators and is the eighth most actively traded in the world, according to Investopedia.
Its fortunes were historically tied to gold, for which South Africa was the world’s largest supplier for most of the 20th century.
These days South Africa still exports gold, but its dwindling supplies mean it is now only a bit player in global bullion markets. The rand, however, continues to hold its own in the international currency arena. This is thanks in no small part to its regulation by the South African Reserve Bank (SARB), modelled on the Bank of England.
The SARB is independent of government, and sets monetary policy using interest rates, largely to contain inflation.
The past decade has been unkind to the rand, mostly because of increased disillusionment by local and international markets over the conduct of President Jacob Zuma. It reached an all-time low in January 2016, hitting just over 15 to the dollar.
This was in response to Mr Zuma firing his highly respected finance minister Nhlanhla Nene and replacing him with an unknown political crony in December 2015.
At the time the Big Mac Index – a comparison of McDonald’s burgers around the world and how they related to various currencies – showed the rand as almost 65 per cent undervalued. A hungry consumer in the US would pay $4.95 per sandwich, while in dollar terms a South African would pay just $1.77 for the same product.
But Mr Ramaphosa’s selection as his party’s next leader has changed this and the rand has surged on the belief that Mr Zuma’s corruption-stained administration is about to crumble.
Not everyone has welcomed the rand’s revival. The leader of the far-left group Black First Land First (BFLF), Andile Mngxitama took to Twitter to say this only improved the lot of the rich white capitalists, whom the organisation blames for many of South Africa’s problems.
The BFLF advocates the full nationalisation of land and industry and were firm backers of Mr Zuma.
“The rand is very strong say a people without rands; all in great jubilation,” Mr Mngxitama said. “Celebrating on behalf of white monopoly capital.”
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Company%20Profile
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Company%20Profile
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COMPANY%20PROFILE
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The specs: 2018 Mercedes-AMG C63 S Cabriolet
Price, base: Dh429,090
Engine 4.0-litre twin-turbo V8
Transmission Seven-speed automatic
Power 510hp @ 5,500rpm
Torque 700Nm @ 1,750rpm
Fuel economy, combined 9.2L / 100km
Citadel: Honey Bunny first episode
Directors: Raj & DK
Stars: Varun Dhawan, Samantha Ruth Prabhu, Kashvi Majmundar, Kay Kay Menon
Rating: 4/5
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Women’s T20 World Cup Asia Qualifier
ICC Academy, November 22-28
UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal
ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan
UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
If you go
The flights
Etihad (etihad.com) flies from Abu Dhabi to Luang Prabang via Bangkok, with a return flight from Chiang Rai via Bangkok for about Dh3,000, including taxes. Emirates and Thai Airways cover the same route, also via Bangkok in both directions, from about Dh2,700.
The cruise
The Gypsy by Mekong Kingdoms has two cruising options: a three-night, four-day trip upstream cruise or a two-night, three-day downstream journey, from US$5,940 (Dh21,814), including meals, selected drinks, excursions and transfers.
The hotels
Accommodation is available in Luang Prabang at the Avani, from $290 (Dh1,065) per night, and at Anantara Golden Triangle Elephant Camp and Resort from $1,080 (Dh3,967) per night, including meals, an activity and transfers.
COMPANY%20PROFILE
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The years Ramadan fell in May
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The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY%20PROFILE
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Company%20Profile
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Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Trolls World Tour
Directed by: Walt Dohrn, David Smith
Starring: Anna Kendrick, Justin Timberlake
Rating: 4 stars
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
The specs
Engine: 4.0-litre, six-cylinder
Transmission: six-speed manual
Power: 395bhp
Torque: 420Nm
Price: from Dh321,200
On sale: now
COMPANY%20PROFILE%20
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Results
Stage seven
1. Tadej Pogacar (SLO) UAE Team Emirates, in 3:20:24
2. Adam Yates (GBR) Ineos Grenadiers, at 1s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 5s
General Classification
1. Tadej Pogacar (SLO) UAE Team Emirates, in 25:38:16
2. Adam Yates (GBR) Ineos Grenadiers, at 22s
3. Pello Bilbao (ESP) Bahrain-Victorious, at 48s
COMPANY%20PROFILE
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The%C2%A0specs%20
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