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Rand breaks below R15/$ as focus turns to Godongwana’s maiden Budget Speech

23 Feb 2022

The rand broke below the R15.00-level to the US dollar ahead of Finance Minister Enoch Godongwana’s maiden Budget Speech later this afternoon, ignoring Russian market jitters and the ruble eyeing record lows. Bloomberg reports that options pricing suggests there’s a 50% chance the ruble will sink to a record low against the dollar within the …

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Quick Take: Rand heads for R15/$ as Russia pulls back troops

15 Feb 2022

Markets across the globe rose as investors cheered the news that Russia is returning some troops back to their bases after drills. The rand and other emerging markets immediately traded stronger, with USD/ZAR trading at R15.02 from R15.13 earlier, comments TreasuryONE. The EUR/ZAR is looking to test sub R17.00, currently at R17.04, the forex trading …

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CRYPTOVERSE-After bitcoin ‘winter’, investors hunt risk in virtual worlds

8 Feb 2022

By Medha Singh and Lisa Pauline Mattackal (Reuters) – As bitcoin drifts towards mainstream maturity in 2022, daring crypto investors are eyeing up new sources of explosive action: “altcoins” that power online games and worlds. But, be warned, the foothills of the unformed metaverse are no place for the faint-hearted. Bitcoin, which like the rest …

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India summons South Korea envoy over Hyundai’s Kashmir tweet in diplomatic escalation

8 Feb 2022

By Aditi Shah NEW DELHI (Reuters) -India said on Tuesday it had summoned South Korea’s ambassador to express displeasure over a social media post by a Pakistani partner of Hyundai Motor over disputed Kashmir that has caused a furore in the country. The foreign ministers of India and South Korea also spoke by telephone as …

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Olympics-Winter goods win as Games spark buying rush in China

8 Feb 2022

By Sophie Yu and Brenda Goh BEIJING (Reuters) – The start of the Beijing Winter Olympics has triggered a gold rush for winter sport goods in China, with online purchases of equipment and clothing from brands such as Anta Sports and Descente surging, and physical stores stripped bare. The Chinese e-commerce firm JD.com’s said sales …

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Aluminium output stable in China’s Baise amid lockdown but logistics under pressure

8 Feb 2022

By Min Zhang and Dominique Patton BEIJING (Reuters) – Aluminium production in the southwest Chinese city of Baise, which has gone into lockdown after recent COVID-19 outbreaks, remains stable though transportation disruptions are starting to weigh, the local industry association said on Tuesday. The city on China’s border with Vietnam in the Guangxi region has …

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Malaysia’s scandal-hit Supermax pays $6 million in compensation to migrant workers

8 Feb 2022

KUALA LUMPUR (Reuters) -Supermax Corp Bhd, a Malaysian medical glove maker accused of using forced labour at its factories, said on Tuesday it had so far paid some $6 million to migrant workers to cover recruitment fees and other costs. The United States has banned imports of its products since October and last month Canada …

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