Bloomberg Business

South Africa Raises Rates to Highest Since 2009; Rand Slumps

South Africa’s central bank raised rates to the highest level in 14 years to rein in inflation expectations in an economy that’s expected to barely grow this year. The rand fell to a record low as Governor Lesetja Kganyago warned that further currency weakness is likely.

Mozambique Ex-Finance Chief Faces US Trial in Tuna-Bond Case

Mozambique’s former Finance Minister, Manuel Chang, is set to face charges in the US over his role in a $2 billion so-called “tuna bond” scandal, after South Africa’s top court dismissed an appeal by his home country for him to be tried there.

Yandex to Offer Investors Choice of Russia or Foreign Assets

Investors in Yandex NV will get to choose whether to keep a stake in the company’s profitable Russian business, take cash or receive a share of its international startups as the company attempts to split its assets, according to people familiar with the matter.

Nvidia’s Blowout Forecast Sparks Huge Rally in All Things AI

Nvidia Corp.’s forecast for surging revenue surprised even the most bullish analysts on Wall Street, propelling the chipmaker to the cusp of a $1 trillion market capitalization and igniting a global jump in stocks linked to artificial intelligence.

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