South African rand stable ahead of US-China trade talks
JOHANNESBURG, June 9 (Reuters) - The South African rand was steady in early trade on Monday, as markets awaited pivotal U.S.-China trade talks set to take place later in the day that could ease tensions between the two nations.
At 0621 GMT the rand traded at 17.7450 against the dollar , near Friday's closing level.
Three top aides of U.S. President Donald Trump will meet with their Chinese counterparts in London later in the day to discuss the trade dispute between the two countries, a standoff that has kept global markets on edge.
Like other risk-sensitive currencies, the rand often takes cues from global drivers like U.S. policy and economic data in addition to local factors.
Domestic investors this week will look to manufacturing (ZAMAN=ECI), opens new tab and mining (ZAMNG=ECI), opens new tab data to gauge the health of Africa's most industrialised economy.
Attention remains on the country's long-delayed budget after Finance Minister Enoch Godongwana, in his third attempt at passing it, made only minor adjustments to spending plans and deficit projections.
On Wednesday the National Assembly is expected to debate the revised fiscal framework adopted by a key parliamentary committee last week.
South Africa's benchmark 2035 government bond was also flat in early deals, with the yield at 10.075%.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
44 minutes ago
- The Sun
New Tesla Model Y is a more chiselled, quieter version of mega-seller… it moves the game on for a tech-rich family motor
Rob Gill Published: Invalid Date, I'M struggling to keep up with Elon Musk and his on/ off bromance with Donald Trump. Are they buddies again? 6 6 6 Or still kicking lumps out of each other on X? One thing I do know is that Tesla sales are down eight per cent in Great Britainland. Some say it's because Musk backed Trump for President, followed by that awkward hand gesture at the inauguration. Some say it's the Chinese invasion. Maybe in part. But mostly it's due to Tesla halting production of the mega-selling Model Y at its Berlin gigafactory to tool up for the new one. Now everything is sorted and sales are likely to take off like a Space X rocket. Here are ten things you need to know about the new motor. 1. The old one was fugly. The world's best-selling car two years on the bounce, yes. But still fugly. That's sorted now. This new one is more chiselled. First glimpse at limited edition EV hitting UK in just weeks with slick new look It's like they've taken a photo of the Cybertruck to a surgeon and gone, 'This please'. The lower nose helps it slice through the air, adding a bit more range. 2. They've deleted the Tesla badge from the bonnet. Confident move. 3. But the biggest change is at the back. There's a new reflective lightbar which highlights T E S L A written out in full. Also, the rear diffuser sticks out more. So repair bills will be lower if you reverse into something you shouldn't. Which helps with insurance too. 4. The 'frunk' — front trunk — now has a plughole in it. So you can fill it with ice for summer barbecues. Or store muddy boots. 5. Cabin. The gear selector has moved to the big screen — like a Model 3. But they've kept the indicator stalk. Unlike a Model 3. The wrapround LED strip is new. The front seats will warm and cool your back. They didn't before. Other things. The seat bases are longer in the back. So they're more comfortable. There's a little entertainment screen to play arcade games. The front passenger seat moves forward at the touch of a button for limo-like legroom. 6. Sound. It's now much quieter in here which makes it feel more expensive. There's extra insulation. Acoustic glass. Redesigned door seals. All little details that add up. 7. The boot is a smidge smaller. But you'll never notice. I had to look it up. The seats now fold up and down automatically, where they only folded flat before. You had to push them back up. 8. The suspension has been tweaked so it rides better. Batteries and motors are unchanged. But improved regenerative braking tech adds more electrons. Every version should do 300 miles-plus, with the rear-wheel drive Long Range hitting 387 miles. There's talk of a bigger battery nudging 500 miles. 9. Price. The standard rear-drive Model Y starts at £45k, which is £2k more than before. Not bad. The all-singing all-wheel drive Long Range is £52k. 10. This isn't specific to Model Y but Tesla's Supercharger network blows everyone else out of the water. It's next-level good. Quick. Easy. No cards. No apps. And cheaper too. It doesn't really matter if you like Musk or not. If you want a minimalist, tech-rich family motor, Model Y moves the game on. 6 6 6
Reuters
an hour ago
- Reuters
Exclusive: Barrick Mining removes Mali gold complex from 2025 output forecast, sources say
TORONTO/DAKAR, June 11 (Reuters) - Barrick Mining ( opens new tab has removed its Mali gold complex from its overall output forecast for 2025, four sources told Reuters, adding to fallout from a two-year dispute over new mining legislation aimed at boosting the West African country's revenue. Operations at the Loulo-Gounkoto gold complex, one of the Canadian miner's largest gold assets in Africa, have been suspended since January after the military-led government blocked gold exports by the world's third-largest miner of the precious metal, detained staff and seized three metric tons of stock during separate negotiations over a new mining contract with Barrick. At stake for both sides is the opportunity to realize revenues worth at least $1 billion this year due to record high gold prices . Mali risks repelling potential investors, while Barrick shares have lagged those of its peers. The sources spoke on condition of anonymity as they were not authorized to speak publicly. Spokespersons for Barrick did not immediately respond to a request for comment, nor did a spokesperson for Mali's Mines Ministry. Barrick has not made its Mali output forecast public, but Morningstar analysts had predicted Mali would contribute around 250,000 ounces in 2025. Mali's government, a shareholder in the complex, asked a domestic court in May to appoint a provisional administrator to reopen the complex, which would effectively see Barrick lose control over the mines that accounted for 14% of its total output, according to Jefferies. A court hearing on the matter is scheduled for Thursday. Negotiations are ongoing in parallel with the court case. In a significant concession, Mali has agreed to allow Barrick to repatriate 20% of its earnings into an international bank account, an exception that was not made for any other foreign miners who recently renegotiated contracts with the state, two people familiar with the matter said. However, one remaining point of contention between Barrick and Mali is that authorities would like all future disputes to be handled in domestic courts. Barrick said any new mining contract should be covered under an international treaty and, in case of future disputes, be settled through international arbitration, according to one of the people and another source familiar with the matter. While strong gold prices have supported Barrick's global revenue, the threat of a provisional administration worries investors, one of the sources said, noting that even if the miner later regains control of the complex, it could be left with depleted gold reserves. In December, Barrick launched international arbitration proceedings against Mali. In May, it asked the World Bank's arbitration court to halt court proceedings in Bamako over provisional administration. According to two people aware of the development, the tribunal rejected that request. The president of the arbitration tribunal for the case declined to comment. In the first nine months of 2024, production in Mali contributed $949 million to Barrick's revenue. Jefferies, in an analyst report last December, estimated that if the Mali complex remains idle, Barrick would lose 11% of its expected 2025 earnings before interest, taxes, depreciation, and amortisation. Mali is Africa's third-largest gold-producing country. Malian authorities, which seized power in coups in 2020 and 2021, say their current agreement with Barrick is unfair. The state has negotiated new agreements with other multinational miners. The chief executive of Australian miner Resolute was detained for more than a week amid negotiations last year.
NBC News
an hour ago
- NBC News
'There is no Plan B': Republicans make a daring bet on the debt limit
WASHINGTON — As Republicans barrel toward a critical deadline this summer to lift the debt ceiling, they say there's no 'Plan B' to avert an economically disastrous default if they fail to pass the massive bill for President Donald Trump's agenda in time. Congressional Republicans are eyeing increasing the debt limit by $4 trillion to $5 trillion so the government can keep borrowing to meet the country's obligations. It's part of their broader domestic policy package, which the Senate needs to pass before it can go back through the House and ultimately to Trump's desk for his signature. And the GOP only has three votes to spare in both chambers. 'There is no Plan B,' Senate Majority Leader John Thune, R-S.D., said Tuesday when asked by NBC News if he has a backup plan for the debt limit. 'It's Plan A. We have to get it done. Failure is not an option.' It's a risky gamble by GOP leaders, who are putting all their chips on passage of the One Big Beautiful Bill Act by the debt ceiling deadline. 'We're going to get reconciliation done,' Senate Majority Whip John Barrasso, R-Wyo., said when asked what the party's fallback plan is on the debt ceiling. (Reconciliation refers to the budget process Republicans are using to pass their bill, which allows them to bypass the 60-vote threshold in the Senate and cut Democrats out of the process.) The Treasury Department has urged Congress to raise the debt ceiling "by mid-July" to safely avoid default. The Congressional Budget Office projected this week that the deadline may be later, 'between mid-August and the end of September,' although that won't be official unless the Treasury Department agrees. If Republicans fail to pass their sprawling bill in time, they would need to negotiate with Democrats to pass a standalone debt limit extension through the 60-vote process in the Se nate. But there have been no negotiations between party leaders on that front, according to Republican and Democratic aides with knowledge of the dynamics. One GOP aide said the party is 'full steam ahead on Plan A' and suggested there may still be time to consider a fallback if they absolutely need to. Some Republicans say it's a deliberate tactic to drive up the urgency of passing their filibuster-proof bill. 'We should be set an expectation that we're getting this done in July, and it includes the debt ceiling,' said Sen. Thom Tillis, R-N.C. 'I think the minute you start talking about a backup plan, you're going to have a backup plan.' If Republican leaders eventually decide they want to cut a bipartisan deal on the debt ceiling, it's unclear what — if anything — Democrats would demand. Some, like Sen. Elizabeth Warren, of Massachusetts, and Rep. Brendan Boyle, of Pennsylvania., have insisted on abolishing the debt limit entirely in order to prevent the full faith and credit of the United States from being used as leverage in policy negotiations. That's an idea Trump recently endorsed. 'I am very pleased to announce that, after all of these years, I agree with Senator Elizabeth Warren on SOMETHING,' Trump wrote on Truth Social last week. 'The Debt Limit should be entirely scrapped to prevent an Economic catastrophe.' But there's scant support within the GOP for it, as Republicans have found success using it to extract concessions from Democratic presidents in the past. There's no indication that Democrats would respond in kind this year if Republicans came to them and asked for their votes on the debt ceiling. 'I'm not debating hypotheticals,' Senate Minority Leader Chuck Schumer, D-N.Y., said when asked what he'd want in exchange.
